• OUR WORK WITH CLIENTS

    Angeles Wing

    Our client relationships are grounded in respect, trust, integrity and open communication. We strive to develop strong partnerships where we serve as an extension of our clients, bringing a fully resourced investment office to the task of managing the investment program.

    Our Work With Clients Our Work With Clients
    There are four key tenets which underlie how we work together.
    • We Expand

      SERVICE

      Angeles maintains an unparalleled commitment to client service. Our investment officers, those who make portfolio decisions and oversee execution, assume the lead for client relationships. This offers clients valuable direct access to the professionals who are responsible for the management of their portfolio. This is in stark contrast to others in the industry that assign a non-investment professional as the client relationship manager.

    • We Bring

      PARTNERSHIP

      As a co-fiduciary with each client, we are a true partner, aligned in overseeing their investment program. At Angeles, we seek long term relationships with clients whom we can develop mutually rewarding partnerships. It’s not about the quantity of clients we serve, but the quality of relationships we have. We measure our success by the success of our clients. It’s just that simple.

    • We Work

      COLLABORATION

      We understand the importance of being good stewards of clients’ financial assets, and the necessities in understanding their broader enterprise. It is imperative we collaborate with clients to understand their objectives, preferences, constraints, and operational needs. Quantifying their tolerance for risk is imperative so that we can ensure risks are right-sized and well managed, enabling them to withstand extreme market shocks and downturns. Open and frequent communications are the cornerstone of good collaboration.

    • We Strengthen

      EDUCATION

      We have a multi-faceted thought leadership and fiduciary educational platform available to clients, which includes the following:

      • Research papers on a multitude of topics, including the global markets, economy, risk, ESG and governance.
      • Online and onsite educational events. Board, donor and other stakeholder education and support.

    ROLES AND RESPONSIBILITIES OF WORKING TOGETHER

    Responsibilities of Working Together Responsibilities of Working Together

    Our clients are responsible for setting the overarching goals and objectives of their program, with our assistance in developing alternative investment policies for their consideration.

    • Clients also bear the responsibility for articulating enterprise-level considerations, liquidity needs, spending requirements, and mission-related objectives that affect the portfolio. Time is spent testing risk tolerance, particularly downside shocks. We see it as our role to ensure all of these objectives and cross-considerations can operate together to ensure durability and sustainability over time. Evaluating the client’s current holdings against the new objectives will often result in manager shifts and reallocations.

    • Next, Angeles assumes full responsibility for the management of the assets, within the defined guidelines. We are willing, however, to explore assignments where Angeles would have less than full discretion. Our back office team interfaces with custodians, reconciles trades, generates reports, and provides annual audit and tax support. Additionally, we bring support to help clients communicate with other constituents (e.g., board, donors, etc.) as needed.

    SOLVING UNIQUE CHALLENGES TOGETHER

    Case Study 1 Case Study 1

    REAPING THE BENEFITS OF A BETTER GOVERNANCE MODEL

    "A forest doesn't weep over one tree," noted Aleksandr Solzhenitsyn. Yet for decades, many fiduciaries have expended enormous energy on relatively inconsequential matters while shortchanging issues of true strategic importance.

    In 2015, the Board of Directors for a $180 million private Foundation recognized that limited internal resources, coupled with individuals’ time constraints, required streamlining the organization’s governance structure. The Foundation hired Angeles to implement a discretionary OCIO model, which has enabled its Investment Committee to function more productively and efficiently.

    Previously the client had maintained control over all manager-related decisions and even required firms to make presentations at monthly Board meetings. After ceding this authority, the Committee was able to work with Angeles to explore the expected benefits and tradeoffs associated with adding private market investments to the portfolio.

    Ultimately the Board amended its Investment Policy Statement so that Angeles could further diversify into private market opportunities. Over time, this decision has the potential to improve the return of the Foundation’s investment portfolio and thereby enhance the lifeblood of future grant making activity.

    Case Study 2 Case Study 2

    ALIGNING INVESTMENT POLICY WITH MISSION

    At every private foundation, mission matters. It guides every aspect of the grant making process. Mission typically takes a backseat, however, when it comes to the investments that generate the monies to fund those grants.

    After several years of working with a Foundation whose particular mission focuses on helping low-income families, Angeles was asked to guide the Board on possible ways to align the organization’s investment strategy with this mission and its associated values. This dialogue led to a series of educational sessions that delved into the burgeoning mission-related investing ("MRI") landscape and the subsequent formation of an ad hoc MRI Committee to take the lead in working with Angeles on this topic.

    We partnered with the ad hoc Committee to establish priorities and achieve consensus on key objectives by surveying Board members and developing a work plan.

    The process culminated in a revamped Investment Policy Statement that fully integrates the Foundation’s newly established MRI guiding principles. The Board has acknowledged that implementation will be a multi-phase process and that future MRI-related allocations will depend on the quality of the opportunity set over time. The Foundation has also made a commitment to ongoing education and reflection in order to fairly assess both financial and mission-related outcomes, as well as success in aligning the two.

    OUR TEAM IS LED BY EXPERIENCED INVESTMENT PROFESSIONALS

    Investment Officers

    • Michael A. Rosen / Managing Partner & Chief Investment Officer

      MICHAEL A. ROSEN

      Managing Partner & Chief Investment Officer

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    • Howard D. Perlow / Managing Partner

      HOWARD D. PERLOW

      Managing Partner

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    • Anna L. McGibbons, CFA / Senior Managing Director & Partner

      ANNA L. MCGIBBONS, CFA

      Senior Managing Director & Partner

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    • Shana Barghouti / Senior Managing Director & Partner

      SHANA BARGHOUTI

      Senior Managing Director & Partner

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    • David R. Brief, CFA / Senior Managing Director

      DAVID R. BRIEF, CFA

      Senior Managing Director

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    • Aaron M. Azelton, CFA / Managing Director & Partner

      AARON M. AZELTON, CFA

      Managing Director & Partner

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    • Leslie B. Kautz / Senior Advisor

      LESLIE B. KAUTZ

      Senior Advisor

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    Research

    • Michael J. Burlon / Managing Director, Public Markets & Partner

      MICHAEL J. BURLON

      Managing Director, Public Markets & Partner

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    • Derrick Cruz / Director, Private Markets & Partner

      DERRICK CRUZ

      Director, Private Markets & Partner

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    • William Yung / Associate Director, Private Markets & Partner

      WILLIAM YUNG

      Associate Director, Private Markets & Partner

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    • Evie Raikh / Senior Associate, Public Markets

      EVIE RAIKH

      Senior Associate, Public Markets

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    • Krushal Desai / Associate, Public Markets

      KRUSHAL DESAI

      Associate, Public Markets

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    • Tyler Carter / Associate, Public Markets

      TYLER CARTER

      Associate, Public Markets

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    • Seju Shah / Analyst, Research

      SEJU SHAH

      Analyst, Research

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    Operations

    • Stephen T. Smetana / Chief Compliance Officer & Partner

      STEPHEN T. SMETANA

      Chief Compliance Officer & Partner

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    • Gina Cadei / Associate Director & Partner

      GINA CADEI

      Associate Director & Partner

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    ANGELES INVESTMENT ADVISORS, LLC
    ANGELES WEALTH MANAGEMENT, LLC