Brown Advisory, an independent investment management and strategic advisory firm, today (14 January) unveiled the next step in its leadership, with the creation of a co-chief executive officer structure.
Effective immediately, Mike Hankin (pictured right) and Logie Fitzwilliams (pictured left) will share chief executive responsibilities.
Hankin has served as the sole CEO and president since the firm became private and independent in 1998. Logie Fitzwilliams started with Brown Advisory in 2003, and has most recently served as the head of international business and global head of sales.
Together, the firm’s independent board of directors and Hankin decided that a Co-CEO structure would be the best design to provide the leadership needed to meet the growing needs of the firm’s clients, colleagues and shareholders.
As a team, Hankin and Fitzwilliams, who have worked closely together for the last 15 years, will deepen the firm’s partnership and collaborative culture to drive results for all stakeholders. This evolution represents the most significant change in Brown Advisory’s leadership since the firm adopted its current private, independent structure in 1998.
As Co-CEOs – and Co-Presidents – they both will serve on, and report to, the board that governs the firm.
Hankin said: “I could not be more excited about this natural next step in the leadership of the firm. In the building of a global investment team and business to complement what we have been cultivating in the US, Logie has led with the qualities that we think make him the ideal person to share responsibility for leadership of the entire firm.
“He understands that to be truly client first, we need to be obsessively focused on listening to our clients in the U.S. and around the world. He understands that to build successful teams, we need to also listen to our colleagues. We need to make sure that our colleagues have the resources and training necessary to live up to our clients’ expectations.”
He added, “Importantly, Logie and I share the existential commitment to Brown Advisory remaining a private and independent firm. Our ownership structure – where every single colleague owns equity in the firm alongside an important set of outside shareholders who provide critical advice and support – will remain the same; it is the structural backbone to being the client-first firm we aspire to be over generations.”
Fitzwilliams said: “It is a tremendous honor to join Mike in the leadership of Brown Advisory. Throughout my 22 years at the firm, I have been privileged to work with him closely and we have built a deep relationship that will serve as the foundation for our partnership as Co-CEOs. Most importantly, from the outset we have had a shared focus on investing for, advising, and serving our clients at the highest
possible level, and a common commitment to the future of Brown Advisory as a private, independent, entrepreneurial and nimble business.”
Bob Flanagan, lead director of the Brown Advisory Board, said: “The process and thinking behind this decision was extensive, productive and always forward looking. We considered many options and scenarios to ensure that Brown Advisory had the best leadership in place for the present and future. Each of us believe that the firm, its clients and its colleagues will be best served with Mike and Logie acting as CEOs,
together.”
Bea Hollond, director and chair of the firm’s International Advisory Board added: “Being based in the U.K., I have had the direct opportunity to work with and advise Logie on the firm’s international business strategy. I have seen first-hand the incredible impact he has made for Brown Advisory and its clients. I know the Directors all share my excitement in welcoming Logie to the Board, and to seeing Mike and Logie work together as a team.”
Under Hankin’s leadership, the firm has grown from overseeing client assets of $2bn in 1998 to now almost $170bn– representing an annualized growth rate of 17%. Today, the firm’s clients are served by nearly 1,000 colleagues located in 14 offices across the United States, a significant office in London and strategic bases in Frankfurt, Singapore, and Tokyo.
The firm’s clients—a collection of individuals, families, nonprofits, charities, institutions and financial intermediaries—are located in 51 countries and in every U.S. state. Brown Advisory also manages fund platforms – private funds, mutual funds and now ETFs – in the U.S., as well as platforms outside of the U.S. in Ireland, Bermuda and the Cayman Islands.
Quintin Ings-Chambers will take over as head of the international business. He joined Brown Advisory in 2012 as Head of the firm’s International Private Client and Charity business. He has over 25 years of investment industry experience. Prior to joining Brown Advisory, he served as an Investment Director at SG Hambros and as a Director in the private client and charity group of Baring Asset Management.
He will report into Logie Fitzwilliams.
