Great Gray Purchases flexPATH CIT Fund Sub-Advisory Assets

Great Gray Group LLC announced on November 14 the purchase of assets which flexPATH Strategies LLC used to provide sub-advisory services to the collective investment trusts for which Great Gray Trust Co. LLC serves as a trustee.

Great Gray has served as trustee of the flexPATH sub-advised CITs since the trusts were created more than 10 years ago. The transaction brings in-house some investment management services flexPATH previously provided on an outsourced basis. Great Gray also purchased the rights to the flexPATH brand.

The CIT investment strategies, underlying holdings and fees remain the same, according to information from Great Gray.

“In keeping with our commitment to excellent service, we’re bringing proven talent onto our existing teams while maintaining the continuity and quality that clients expect from the CITs previously sub-advised by flexPATH,” said Rob Barnett, president and CEO of Great Gray Group, in a statement. “Combined with our distribution reach across thousands of advisors and institutions nationwide, this positions us to deliver enhanced coverage and hands-on guidance at national scale.”

The deal marks flexPATH’s exit from the CIT fund sub-advisory business. Some flexPATH employees have already joined existing teams across Great Gray. flexPATH will also retain part of its team and continue operating its 3(38) retirement plan advisory business independently.

In a joint statement, Vince Giovinazzo, CEO of flexPATH, and Nick Della Vedova, president of flexPATH, said, “We are proud of the innovative products, excellent service and growth we have helped deliver over the past decade as a sub-advisor to the Great Gray CIT funds. This transition allows the flexPATH sub-advised CITs to continue to flourish under Great Gray’s fiduciary stewardship.”

Great Gray managed more than $269.8 billion in CIT assets as of September 30.