E.F. Hutton & Co. isn't the only venerable brand to rise again in the advisory industry.
Radnor Capital Management LLC, an old-school wealth management shop based in Wayne, Pa., is back — this time as an independent registered investment adviser using the platform of Dynasty Financial Partners LLC.
“It's a thrill to be back and self-employed again,” said Doug Pyle, who joined the original Radnor in 1996 and left Columbia Management Investment Advisers LLC to relaunch his old firm in May. “I'm really proud of what we've been able to accomplish in a short time.”
Mr. Pyle focuses on socially conscious investing in small- and midcap stocks, largely for institutional clients, including religious organizations and foundations.
The firm said last week that another Radnor alumnus, Pierce Archer, is joining the firm.
He focuses on wealth management for high-net-worth individuals and specializes in large-cap-value and balanced accounts. Mr. Archer was formerly with Pennsylvania Trust Co.
“We've re-created the blend of high-net-worth wealth management and institutional business that we had previously,” Mr. Pyle said.
CHANGING HANDS
It has been a circuitous journey for the Radnor brand. The original firm was founded in 1989 and sold to U.S. Trust Corp. in 1999.
The Charles Schwab Corp. bought U.S. Trust the following year and then sold it to Bank of America Corp. in 2007.
BofA then sold its institutional advisory business, Columbia Management Group, to Ameriprise Financial Inc.
Mr. Pyle, who had been with the firm through the series of sales, last fall purchased the Radnor name from BofA without knowing how and if he planned to use it. Early this year, he decided to open an independent RIA.
“[Mr. Archer] and I kept in touch over the years and talked about how fun it would be to put the firm back together,” Mr. Pyle said.
Three other former Radnor team members — Pat Barlow, Andrea Funk and Elisabeth Schwan — also have joined the firm.
aosterland@investmentnews.com Twitter: @aoreport
