October 24, 2011
From the first day we opened our doors in May 2004, the members of Spartan have considered it a privilege to manage assets for our clients. It is a responsibility that we have always tried to discharge to the best of our abilities. We vowed from the start to manage the assets our clients entrusted to us in the same way that we would manage our own. Thus, we have always been invested in all of the same securities that we have purchased for client accounts.
Spartan has grown today to $180 million in assets under management. We have our loyal clients to thank for it. Now, after much consideration, we have decided to take what we believe is a significant step forward, one that not only allows us to continue delivering first-rate investment management services to our clients, but that also enhances our ability to offer clients a suite of additional wealth management services that we are not in a position to provide.
We are pleased, therefore, to announce that the members of Spartan have agreed to become part of Pennsylvania Trust, an independent, employee-owned investment and wealth management firm located in Radnor, Pennsylvania. Pennsylvania Trust provides investment management and trust administration, tax, estate and related account services to individuals, families, foundations, and endowments. Founded in 1986, the company is still led by its founder, Chairman, President, and Chief Executive Officer, Richardson T. Merriman. Pennsylvania Trust’s six-person senior management team has a combined 85 years of service with the firm.
Beginning on or before February 1, 2012, Spartan’s entire executive and investment team will join Pennsylvania Trust and relocate to the company’s offices in the Radnor Corporate Center. This combination brings Pennsylvania Trust to $2.2 billion in assets under management and the total number of its employees to 53.
Pennsylvania Trust will be adding our all-cap value investment style to their current growth and equity income offerings. While our name and location will change, we want to assure you that the manner in which we manage client accounts most certainly will not change. We will continue to use the same all-cap value approach that we have successfully employed since inception, and our objective remains to deliver superior long-term investment performance with less risk than the stock market. After all, our money will still always be invested right alongside our clients.
Likewise, the people that you have entrusted to grow and protect your assets will not be changing either. I am joining Pennsylvania Trust as Senior Vice President, Chief Strategy Officer and will also serve on the firm’s Board of Directors. Gip Bartels joins the company as Senior Vice President, Director of Equity Strategy, where he will continue to direct our all-cap value investment process and manage client portfolios. Susan Bartels will become Vice President, Information Systems and Human Resources Officer at Pennsylvania Trust, where she will have responsibility for various information-technology and human-resource functions. Trish Markell will be Vice President, Portfolio Manager, where she will continue to assist Gip in all aspects of the investment process, manage client portfolios, and service clients. Finally, August Gerhardt joins as Research Assistant, where he will continue to support Gip and Trish in all areas of the investment process.
There are two other things that will not change as a result of our move to Pennsylvania Trust: (i) We will continue to send out our usual quarterly letter to our clients, and (ii) all of our performance results will continue to be audited for compliance with the Global Investment Performance Standards (GIPS).
We are confident that our move to Pennsylvania Trust will not in any way compromise the safety and security of your account, but will, if anything, only strengthen it. Pennsylvania Trust maintains a strong capital position that is well in excess of the minimum requirements of the Commonwealth of Pennsylvania. The firm is regulated by the Pennsylvania Department of Banking, which undertakes a rigorous review of the company every 24 months, including an audit of the adequacy of all aspects of its internal controls and the effectiveness of management. In addition, Pennsylvania Trust each year undergoes a comprehensive independent review of its operations and controls pursuant to a written audit program approved by the Department of Banking and is also audited by an independent certified public accounting firm.
All of us here are committed to do everything we can to contribute to the long-term success of Pennsylvania Trust. By joining forces with the dedicated and talented team at Pennsylvania Trust, we firmly believe the depth and breadth of the combined organization will benefit everyone involved, but especially our clients.
David M. Robinson
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