RMB Capital, a Chicago-based independent and investment advisory firm, has acquired JB Investment Management LLC to bolster its fixed-income business as interest rates rise.
As a result of the transaction, JBIM, a Brookfield, Wisconsin-based fixed income-focused asset management firm with about 15% of its assets under management in municipal bonds as of June 30, is now a division of RMB Asset Management, RMB Capital said in an Oct. 2 press release.
The blending of the firms, which was effective Oct. 1, is intended to take advantage of the current market environment, while also expanding each firms' capabilities, enhancing products and services, and improving portfolio efficiency, management at both firms said.
“With interest rates on the rise, fixed income investments are becoming more relevant than they’ve been in recent years, so it’s a good time for us to be expanding our fixed income capabilities,” said Richard M. Burridge, Jr., founding partner, CEO and co-chief investment officer of RMB Capital.
RMB Capital, which offers wealth management, family office services, asset management, and retirement plan consulting, had approximately $9.3 billion in assets under management at midyear. Its municipal assets under management was approximately $334 million as of Sept. 30, the firm said.
RMB Asset Management specializes in long-term, concentrated, active investing strategies.
“We wanted to join a firm that supports our investment approach and that provides the operational infrastructure we need to manage our portfolios efficiently and serve our clients well,” said Jeffrey L. Bryden, who served as JBIM’s president and chief investment officer, and now joins RMB as senior vice president and portfolio manager. Bryden, who has specialized in fixed income investing for 40 years, founded JBIM in 2008.
JBIM -- with more than an estimated $550 million in assets under management as of June 30 -- offers several actively managed core fixed income strategies for institutional and accredited individual investors, utilizing a quantitative research process to analyze risk and reduce volatility, according to the release. Its strategies include specialized offerings such as liability-driven, TIPS-indexed, and tax-advantaged portfolios.
The JBIM team will continue to manage their portfolios from its Brookfield, office. Jonathan G. Rigano, who was vice president and portfolio manager at JBIM and has 20 years of investment management experience, will move to RMB in the same role. Other members of the team include Gail L. Betzhold, administrative manager, and Renae Engel, portfolio and client administrator.
In addition to its Chicago headquarters, RMB Capital has offices in Denver; Jackson Hole, Wyoming; Lake Forest and Oakbrook Terrace, Illinois; Milwaukee;, Minneapolis; New York; and Washington, D.C.
