- Golden Gate spinoff hires new operating partner
- Altamont targets asset management boutiques
- Firm closed Fund II earlier this year
San Francisco-based Altamont Capital has wrapped up ACP Investment Fund II, which was targeting $750 million, in less than six months on the fundraising trail, according to sources.
Dave Odenath has been hired as operating partner to help Altamont Capital to acquire majority stakes in “solid, well run, boutique asset management firms with the intent to help them grow,” according to a spokeswoman for the firm. Many such operators may be good asset managers but are less adept at distribution, particularly in the retail channel, the spokeswoman said.
Altamont Capital may buy a retail mutual fund company, or attempt to win sub-advisory mandates for its managers for other people’s mutual funds, or both, the spokeswoman said.
Odenath most recently worked as a senior executive vice president and head of the Americas at Legg Mason. He helped manage more than $500 billion of assets across several asset management businesses; he also ran Legg Mason’s domestic mutual fund company.
Prior to Legg Mason, he worked as president of Prudential Annuities, where he acquired variable annuity businesses amounting to $45 billion of assets under management. He also worked as president of Prudential Investments, a $120 billion retail investment platform.
Keoni Schwartz, managing director of Altamont Capital, said Odenath is a “valuable partner as we pursue investment opportunities and execute our asset management business strategy,” according to a prepared statement.
Also on the deal front for Altamont Capital, the firm invested in non-standard auto insurance agency Celestite Holdings in March. Among the personnel moves announced in January, the firm promoted Steve Brownlie to managing director and hired Melissa Kennedy as vice president after she worked at GTCR.
Altamont Capital was formed in 2010 by Jesse Rogers, Randall Eason and Schwartz. All three had worked at Golden Gate Capital, as well as other firms.