In 1997, Steve Rull and Joe Garea founded Manchester Partners, a merchant banking firm targeted toward providing financial advisory services and capital to various companies with a concentration in the financial services industry. Several years later, we merged our business into Hancock Securities, a licensed broker – dealer founded by us.
As time went on, our Hancock firm also established a registered investment advisory business. Currently, we operate the following entities which provide financial advisory services to both retail and institutional clients.
- Hancock Securities Group
- Hancock Investment Advisors
- Hancock Institutional Advisors
At September 30, 2012, we manage approximately $15 billion of investment assets for institutional clients and approximately $650 million of investment assets for retail customers.
Our clients come first, always! We invest their money as if it were our own. Investment returns are important, but only if they involve taking measured and carefully thought out risks. We may not always be right but it will never be from lack of effort or concern as to whether we are effectively balancing potential risks versus possible rewards.
Over the years we have established or invested in a number of companies in the real estate, manufacturing, distribution, consumer finance and banking industries, including approximately 20 banking institutions over the past twenty years. We invest our personal and our partners’ capital with the goal of creating investor value by being careful about what we pay for whole businesses or non-control positions and by being active in the companies in which we invest.
Most investments are in the financial services industry where the two of them can maintain an active dialogue with the CEO and add value to the organization. Through experience we have learned not to invest in opportunities where their knowledge of the business or industry is limited or there is no opportunity to discuss the business and provide input to the CEO. Steve and Joe are charter members of the Billiken Angels and sit on the Executive Committee. Joe and Steve have invested or are committed to invest in five different opportunities with the Billiken Angels.
Presently, we control businesses that employ over 100 people and are proud that our efforts contribute to the support of so many families. We have excellent operating partners in all of our current businesses. They are, individually and collectively, critical to our success.
When we founded our business, we were fortunate to be in the position of establishing a few guiding principles with which we would operate:
- We only do business with people we want to do business with and for whom we deliver value – this is a two way corollary that allows clients to terminate us or vice versa if either party believes the value equation is not in balance
- We only take assignments which we believe we will be challenging, we will enjoy and for which we believe we can bring exceptional value to the situation
- We must tell clients what we think; not what we think they want to hear – our advice may be contrarian, and at times controversial, but it is always consistent
Over the years, these basic business tenets have served us well and helped us work through some challenging situations.
We believe that giving back to our community is important for us personally and for our business partners and associates. We stress community involvement in our companies and support charities in which our managers and associates are involved.
We have worked hard to achieve what success has come to us. We have been fortunate as nothing significant is achieved without a degree of luck and we appreciate our good fortune.
We are blessed with wonderful families. They are our primary focus but we appreciate that they understand when the demands of our business at times come first.
That is our story. It is not full of growth charts, financial metrics or other typical measures of financial success. Of course, we keep those scores, but they are only a part of our story. We care as much about how we accomplish something as we do the end result.
BS, Business Administration 1977