Kayne Anderson Rudnick (KAR), a boutique investment adviser and affiliated manager of Virtus Investment Partners, Inc., today announced new leadership roles for its investment management team with the promotions of Craig Stone to co-chief investment officer, Todd Beiley, CFA, to head of research, and Julie Biel, CFA, to chief market strategist. The promotions are effective October 1, 2023.
As Co-CIO, Stone will share responsibility for leading KAR's equity team and investment operations with Douglas S. Foreman, CFA, who has been CIO since 2014. Foreman has announced his intention to retire from the firm at the end of 2024.
Beiley will be responsible for leading the firm's research process and managing and mentoring KAR's equity research analysts. In her new role, Biel will be responsible for providing macro-economic and capital market commentary to support the firm's clients and business partners.
Foreman, Stone, Beiley, and Biel will maintain their portfolio management responsibilities with their current investment strategies and funds. Foreman is a co-manager of the large cap, mid cap, and all cap sustainable growth strategies and Stone is a co-portfolio manager of the firm's small cap quality value, small-mid cap quality value, small-mid cap core, and mid cap core strategies. Beiley co-manages the small cap core, small cap sustainable growth, and global small cap strategies and manages the small cap focus and small cap quality select strategies; and Biel is a co-manager of the small-mid cap sustainable growth and long-short strategies.
"Craig brings nearly 35 years of experience in portfolio management and equity research to this role as Co-CIO, and his successful track record as a key member of the KAR investment team demonstrates the continuity of our investment philosophy and process," said Foreman. "I am pleased that he will join me in leading the investment team and we will work side-by-side to maintain KAR's strong commitment to the quality and performance of our strategies for the benefit of our clients."
Foreman said the promotions of Beiley and Biel will further enhance the firm's research and client support capabilities. "Todd has more than two decades of experience at KAR and his leadership of the research team will keep investment research a competitive advantage for our firm. Julie will take on a new role that will provide thoughtful analysis and perspective on developments in the global economy and capital markets to the firm's clients and business partners."
"These promotions signify the strength of the investment team and will ensure consistent leadership of our disciplined investment process and strategies," Foreman added.
KAR's equity portfolios utilize a high quality-oriented investment approach that emphasizes fundamental research conducted by the firm's equity team to identify companies with proprietary businesses, low debt, rising free cash flow, and excellent management. The firm's strategies are available through institutional investment advisory accounts for corporations, endowments, foundations, and pension plans, and are available to individual clients through the Virtus Mutual Funds, retail separate accounts, closed-end funds, UCITS, and collective investment trusts. KAR also offers a full suite of wealth advisory services, customized to meet the individual needs of high-net-worth clients.
About the Team
Stone brings nearly 35 years of experience in the investment industry to his role as Co-CIO. Prior to joining KAR in 2000, he was a portfolio manager at Doheny Asset Management. He holds a bachelor of science degree in international business from San Francisco State University and an M.B.A. from the University of Southern California.
Beiley has more than 23 years of experience in equity research and portfolio management. Prior to joining KAR in 2002, he was an associate analyst in equity research at Prudential Securities and earlier an equity research associate at RNC Capital Management. He earned a bachelor of science degree in finance from Northern Arizona University and an M.B.A. from the University of Southern California and is a Chartered Financial Analyst® charterholder.
Biel has 15 years of experience in equity research and portfolio management. Prior to joining the firm in 2013, she worked at Imperial Capital as an equity research associate and earlier was an equity research associate at Merrill Lynch. She earned a bachelor of arts degree in economics and psychology from New York University and an M.B.A. from the University of California, Los Angeles and is a CFA® charterholder.
About Kayne Anderson Rudnick
Kayne Anderson Rudnick is an investment management firm founded in 1984 by entrepreneurs Richard Kayne and John Anderson, for whom the Anderson School of Management at the University of California, Los Angeles is named. Based in Los Angeles, the firm had $51.4 billion in assets under management as of March 31, 2023. The company builds equity portfolios of companies that have strong, consistent growth with low business and financial risk and manages assets for corporations, endowments, foundations, public entities, and high-net-worth individuals. With nearly 40 years of experience, KAR is known for its commitment to high quality in its business practices and investment strategies.
About Virtus Investment Partners, Inc.
Virtus Investment Partners is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. We provide investment management products and services from our affiliated managers, each with a distinct investment style and autonomous investment process, as well as select subadvisers. Investment solutions are available across multiple disciplines and product types to meet a wide array of investor needs.
Note to editors: Electronic images of Stone, Beiley, Biel, and Foreman are available from [email protected]
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