Kudu Investment Management Acquires Minority Stake In Wealth Manager First Long Island InvestorsJuly 29th, 2019
NEW YORK, July 29, 2019 — Kudu Investment Management, LLC, a provider of permanent capital solutions to asset and wealth managers worldwide, has acquired a passive minority interest in Jericho, N.Y.-based First Long Island Investors, LLC which oversees approximately $1.6 billion in assets for high net worth individuals and families. Terms were not disclosed.
First Long Island was co-founded in 1983 by Robert D. Rosenthal and Ralph F. Palleschi, prominent local entrepreneurs who earlier in their careers were senior officers at both Entenmann’s national baked goods company and the Islanders pro hockey franchise. Rosenthal conceived First Long Island while working with Palleschi on the financial and investment needs of the Entenmann family. The operating and investing experience they gained from these endeavors made them attractive to similar clients – business owners, entrepreneurs, and wealthy families. They are well-known for delivering investment and wealth management services rooted in their core principles of trust, service, and performance.
“Bob and Ralph and their team have built an exceptional franchise, serving entrepreneurs and other high net worth individuals in the greater New York area. We look forward to them continuing their uniquely client-centric approach that is evident in every aspect of the relationship from asset allocation to service, communication, and more,” said Kudu CEO Rob Jakacki.
“The Kudu team really understood our service culture and entrepreneurial DNA. We were attracted to their philosophy of only investing in firms that continue to be managed and controlled entirely by their existing owners,” said Rosenthal, who is First Long Island’s chairman, CEO, and CIO. “Kudu also brings us a top-tier and growing network of partner firms and relationships we hope to leverage as we enter our next phase of growth.”
Kudu’s partners include West Coast wealth manager B|O|S; New York property fund manager Savanna; alternative asset platform TIG Advisors; real assets investor Versus Capital; and European alternative credit specialist Fair Oaks Capital. Kudu’s partners collectively manage approximately $19 billion in AUM for institutional and individual investors.
Sandler O’Neill & Partners, L.P. acted as financial advisor and Seward & Kissel LLP served as legal advisor to First Long Island Investors, LLC. Dechert LLP served as legal advisor to Kudu Investment Management, LLC.
About Kudu Investment Management, LLC
Kudu specializes in providing permanent capital solutions—including generational ownership transfers, management buyouts, acquisition and growth finance, as well as liquidity for legacy partners—to asset and wealth managers. Kudu was founded in 2015 and is backed by capital partner White Mountains Insurance Group, Ltd. (NYSE: WTM). For more information, please visit Kudu’s website.
About First Long Island Investors, LLC
First Long Island Investors is a Jericho, N.Y., based wealth management company dedicated to providing individualized advice and counseling in the preservation, growth, and administration of liquid and illiquid wealth for high-net-worth individuals, families, and select institutions. The team strives to provide its clients with sound advice, best-in-class service, and an unparalleled level of trust, which includes its principals investing alongside its clients. The firm, founded in 1983, oversees approximately $1.6 billion in assets (as of June 30, 2019). Visit fliinvestors.com for more information.