Cambridge Associates has a lot going for it as arguably the most prominent investment consultant around. Specifically, it’s got nearly 400 billion things going for it, and has sought to maintain its grip thereon by tying its clients more closely to it by offering them equity stakes.
Still, investment consulting is a crowded and messy business, and that’s forced Cambridge to go into the even more crowded and messy business of money management. This is not what the company’s founders signed up for back in 1973, and they don’t seem to confident it’ll all work out in the end.
Co-founder Hunter Lewis is fully liquidating his stake in Cambridge to fund his philanthropy, the firm told employees in a recent memo…. James Bailey, the other co-founder, also pared back his stake. After the sale, he remains the largest single shareholder in Cambridge….