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We are excited to announce CRM has entered into a management buyout agreement to repurchase the entire ownership stake currently held by our partner, M&T Bank. This agreement was reached with CRM employees investing in themselves without the assistance of third-party debt or capital.
We have had a long and prosperous relationship with M&T Bank / Wilmington Trust. However, with the finalization of this agreement, the employees of CRM have completed a long-held goal of repurchasing the firm in order to better align our interests with those of our clients and stakeholders. This transaction will enhance our ability to retain and attract top investment talent and focus all our resources on creating value for our clients. At CRM, we regularly discuss the importance of timing in the context of investing. With this repurchase, we see a confluence of factors that enables us to position our organization for the future success of our employees and clients.
CRM will continue to be led by our Executive Committee consisting of Chris Barnett, President, and Brian Harvey, CIO; they will become managing members of the firm. Our talented investment research team, which has been working together for nearly a decade, will continue to execute our disciplined approach focused on change, neglect, and relative valuation, that has served our clients well since the firm’s inception. The firm will continue to honor the core tenets of our founders: Gerry Cramer, Ed Rosenthal, and Ron McGlynn that are as true today as they were back in 1973.
Read the press release here.
Cramer Rosenthal McGlynn has been named to the list of the 2017 Best Places to Work in Money Management awards announced by Pensions & Investments.
Presented by Pensions & Investments, the global news source of money management, sixth-annual survey and recognition program is dedicated to identifying and recognizing the best employers in the money management industry.
For a complete list of the 2017 Pensions & Investments’ Best Places to Work in Money Management winners and write-ups, go to www.pionline.com\BPTW2017.
Pensions & Investments partnered with Best Companies Group, an independent research firm specializing in identifying great places to work, to conduct a two-part survey process of employers and their employees.
The first part consisted of evaluating each nominated company’s workplace policies, practices, philosophy, systems and demographics. This part of the process was worth approximately 25% of the total evaluation. The second part consisted of an employee survey to measure the employee experience. This part of the process was worth approximately 75% of the total evaluation. The combined scores determined the top companies.
As part of the firm’s ongoing effort to implement environmental, social, and corporate governance (“ESG”) integration within our time-tested investment process, effective November 2017, Cramer Rosenthal McGlynn, LLC has signed on to the United Nations Principles for Responsible Investment (PRI). The PRI is voluntarily adhered to by an international global network of asset managers, owners, and service providers working together to promote responsible investment practices. The principles aim to provide a framework for integrating ESG considerations into investment decision-making and ownership practices. We believe incorporation of ESG considerations in the investment process often aids in the effective allocation of investor capital. ESG considerations also naturally lend itself to our longstanding investment style, which often includes engagement with the management teams of the companies in which we make investments.