Normally “My Gut Feeling” is where I espouse my thoughts on the markets and economy with clients, family, client hopefuls and the media. Today however, LakeView Asset Management has some important announcements that I will be sharing with my readers. I will be back to publishing my usual commentary soon.
I began planning for the inception of LakeView Asset Management, LLC (LVAM) shortly after the terrorist attacks of September 11, 2001. LVAM began operations in May the following year. From Day 1, LVAM has been for the most part a one-person operation – yours truly, though from time to time I had the support of interns and family. The business has successfully navigated client (and family) investments through several market crises, especially those of the Great Recession and the Wuhan Virus Pandemic. Of course, those who were investors in the early days recall my battle against Martha Stewart Living Omnimedia when the company’s namesake was tried, convicted, and sentenced on various charges in 2004. I seemed to be the only money manager on Wall Street who bet against her and admitted doing so. It helped to springboard my media exposure. I am proud to say that as a result of my successful money management, the lives of clients and family have been enriched. I cannot count how many homes (and cars) were purchased, tuition paid, and retirements were made easier via LVAM’s investment management.
In the past three years, the business has grown at a rapid pace, such that LVAM was running out of “bandwidth” making it increasingly burdensome for me to operate it alone. So, as I mentioned in earlier editions of “My Gut Feeling” I was going to make some announcements in the near future. The first such announcement was that of launching LVAM’s Consumer Discretionary investment strategy. Today I have two other major announcements to share with my readers.
First, LVAM has entered into a strategic partnership with Kingswood USA’s Benchmark Investments wealth management unit. Under this partnership, LVAM will assume the role of Investment Advisor Representative under Benchmark’s RIA (Registered Investment Advisor). There will be no change in ownership control of LVAM as Scott Rothbort will continue to hold 100% of LVAM. This strategic partnership will bring several key benefits to LVAM clients. Clients will get more of Scott Rothbort’ s investment management efforts with Benchmark assuming the responsibility for many non-investment functions necessary in running LVAM’s business. Benchmark will contribute practice management services such as client documentation, administration, and regulatory oversight. LVAM will continue to manage all client investment accounts and make all transactional decisions as it has done so continuously and successfully since May 2002. Client accounts will remain at our current broker / custodians, TD Ameritrade, and Raymond James. Benchmark will also act as a source for asset gathering for LVAM, facilitating asset growth, and further enhancing the efficiency of LVAM’s money management efforts.
Concurrently, I have a second exciting announcement. Edward C. Muztafago will be consulting for LVAM during the transition process as clients are moved onto the Benchmark platform. He will be the key interface between LVAM’s existing clients and Benchmark’s operational team. Ed was a former student of mine when I taught at Seton Hall University and later was an intern for LVAM. He then went on to a successful career as an Oil, Gas and Energy analyst at firms such as Pritchard Capital Partners, Citigroup and Société Générale (“Soc Gen”). Please join me in welcoming Ed back to LVAM.
Our clients will soon receive a letter explaining in greater detail the strategic partnership and information on the timetable for the transition of accounts to Benchmark’s platform. We expect the transition to begin in early July and last throughout the quarter.
OK – you got me – I cannot exit without a little bit of investment insight. Recently IAC Interactive (IAC) spun off Vimeo (VMEO). A few years ago IAC spun off Match Group (MTCH). Prior to that Barry Diller, the head of IAC spun out other winners, such as Expedia (EXPE). Not only have I held onto our MTCH and VMEO shares that we were given in those transactions, but I added to each. More recently, I have been adding to VMEO in its early infancy of being a public company.
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Disclosure: At the time of this commentary Scott Rothbort, his family and/or clients of LakeView Asset Management, LLC was not long any positions mentioned in this commentary - although positions can change at any time.
Scott Rothbort is the President & Founder of LakeView Asset Management, LLC, (LVAM), an investment advisor representative, specializing in high net worth private wealth management. LVAM is affiliated with Kingswood Wealth Advisors Services, an SEC registered investment advisor. For more information on investing with LakeView Asset Management, LLC call us at 888-9LAKEVIEW or request more information by clicking on the contact button on the top right-hand corner of the website. LakeView Management, LLC is a Nevada LLC, with its principal office located in Henderson, NV and branch office located in Millburn, NJ
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