According to Bronchick, the new firm, based in El Segundo, California, will manage concentrated equity strategies through separate accounts and sub-advised relationships. An SEC-registered investment adviser, Cove Street launches with approximately $400 million in assets under management and a global mix of institutional and high-net-worth clients. The firm also sub-advises the Litman Gregory, Masters Select Smaller Companies Fund and the Cove Street Capital Small Cap Value Fund.
Cove Street’s institutional-quality back office infrastructure is led by Daniele Beasley, who was Bronchick’s partner at RCB, a Los Angeles-based investment adviser, where he was a lead principal and chief investment officer. Beasley has more than twenty years of experience in investment management operations and compliance, and will serve as Cove Street’s president and chief operating officer.
“We are classic value investors in the tradition of Benjamin Graham and Warren Buffett,” said Bronchick, in a press release. “Our mission is simple: continually improve a world-class investment organization that delights clients with excellence in performance and client service, and inspire colleagues with a collegial meritocracy that rewards intellect and results.”