FUNDRAISING NEWS | November 08, 2024
Los Angeles-based RIA Churchill Management Group is considering a sale of a majority interest in the company, Citywire reported November 7, citing anonymous sources familiar with the situation.
Those sources said the firm, which manages over $9B in client assets as of March 31, has retained Berkshire Global Advisors to advise on a potential sale of the company. Should it come to fruition, such a sale would represent one of the larger RIA M&A deals in 2024.
Founded in 1963 by Chairman and CEO Fred Fern, who is 86, Churchill Management is closely held. According to its latest Form ADV filing, Fern and his wife Sherry and a trust under their control are direct owners in the firm, along with son Theodore “Ted” Fern, who serves as chief compliance officer. Other shareholders include CFO Eileen Holmes and a trust under her control, President Randy Conner and a trust under his control, and California attorney Norton Stanley Karno of the firm Karno Schwartz & Friedman.
Source: https://citywire.com/pro-buyer/news/9-9bn-churchill-management-group-pursuing-sale-sources/a2453948
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