Newport Beach, Los Angeles-based RIA Beacon Pointe Advisors has hired former Pimco and UBS portfolio manager Michael Dow to be its first CIO.
In his new role, Dow is responsible for the firm’s investment capabilities, which covers manager research, asset allocation, portfolio construction and capital markets assumptions.
He will be chairman of the firm’s 14-member investment committee, which has final say on allocation calls and the firm’s economic outlook.
He reports directly to Shannon Eusey, Beacon Pointe Advisors chief executive and co-founder.
‘We have incredible depth and breadth in terms of our investment acumen here at Beacon Pointe, however we didn’t have one person leading the charge,’ Eusey said. ‘We’ve grown quite a bit over the last several years and we felt it was the right timing to have somebody to co-ordinate those efforts.’
The firm was set up in 2002 by Eusey and Matt Cooper, president of Beacon Pointe Advisors, and has gone on to grow to 12 offices across the US with roughly $9 billion in assets under management and $10.1 billion in assets under administration.
Beacon Pointe’s manager research team selects managers for a recommended list of roughly 150 strategies, which is used across client portfolios. To find out more about how the firm selects managers, read our in-depth article here.
‘I’ve known the partners here for many years, some even decades, and I’ve watched the firm grow since it was founded,’ Dow said. ‘I know the partners are really proud of what they’ve been able to accomplish and I’m thrilled to be a part of the next chapter.’
Dow has held a number of senior positions in the asset management industry, most recently at UBS Asset Management from 2008 to 2017, during which time he was head of emerging markets debt, head of sovereign research, and head of US core and core plus.
Prior to joining UBS Asset Management, he was a senior fixed income portfolio manager at Reams Asset Management from 2003 to 2004, having previously worked at Pimco for about eight years as an investment grade bond portfolio manager in addition to other roles.