Former chief financial officer of NGP Energy Technology Partners Rodd Macklin has partnered with Merrill Lynch financial advisor Brian Gaister to form Washington, DC-based Pennington Partners, a multi-family office that will also provide advisory services. The firm will include their own wealth.
They are seeking to provide advisory services for families to address the conflicts relating to the communication and governance of managing their wealth, according to a statement.
“We believe that there is a significant opportunity to serve highly successful families, including our own, by leveraging industry leading technology, a team of talented and experienced individuals, and a differentiated portfolio management process free of the conflicts that are inherent in a broker dealer model,” Gaister said, citing that more than 90 percent of Forbes’ families weren’t able to keep their wealth after the third generation.
Alex Zlotnikov, former portfolio manager at Lockheed Martin Investment Management, has joined Pennington as a senior portfolio manager and partner. Matthew Bart, formerly a manager at CohnReznick, joined Pennington as a tax partner. Megan Bleil, who was most recently a senior client service coordinator at Bronfman EL Rothschild, joined the firm as head of client service.
This launch comes at a time family offices have been rising in the private equity space, doing direct investments as general partners would, and increasing their allocation to the asset class significantly in recent years.
A spokesperson was not available to comment.