Bello, Dynasty’s Top Rainmaker, Decamps for Investment Firm Aggregator
Tim Bello, a partner and lead recruiter at Dynasty Financial Partners, has left the five-year-old advisory firm incubator started by former Smith Barney executives, to join a fledgling asset management group formed by former Goldman Sachs partners.
Bello quietly resigned in March from Dynasty to become president of GPS Investment Management, a unit of GPS Investment Partners that invests in and operates money-management boutiques. GPS was founded in 2015 by Enrico Gaglioti, Scott Prince and Marc Spilker.
Reached at GPS, Bello said he was eager to return to the asset management industry, citing his roots building sales platforms at hedge funds Permal Asset Management, Skybridge Capital and AAB Ventures.
Bello, who joined Dynasty in 2011, said the split with the firm and its chief executive, Shirl Penney, was amicable.
“This has nothing to do with Dynasty,” he said, noting that he supports its business plan of selling platform, trading and other services to brokers seeking to establish themselves as registered investment advisers. “I’m still a shareholder.”
GPS currently has stakes in, and operates, four asset management companies, Chiron Investment Management, Cedar Glade Capital, Maxim Capital Group and Piton Investment Management. Bello said his principal role will be to find more such boutiques for GPS to run.
Headhunters who have worked with Dynasty said Bello was a key pointman for recruiting.
Dynasty has assigned Bello’s responsibilities to Stan Gregor, who joined in October from Cantor Fitzgerald’s wealth division.
Funded initially by Penney and former Citigroup president Todd Thomson, Dynasty has 35 “partner firms” who manage about $20 billion for their retail and family office clients.
The firms sign two-year initial agreements to receive services and support that can range from startup loans, to trading desk support to access to third-party asset managers and custodians.
Penney downplayed the significance of Bello’s departure. The two agreed when Bello joined in 2011 that his tenure was likely to last only three to five years, said Sally Cates, a spokeswoman for Dynasty.
“He was helpful to us, is still a great friend, and Shirl wishes him all the luck in his next endeavor,” Cates wrote in an e-mail.