Rittenhouse's Growth Formula Makes it No. 2 in IMAs

Published Wednesday, May 01, 2002

When George Connell founded Rittenhouse Financial in the Philadelphia suburb of Radnor 23 years ago, it was a small trust company and straight-ahead equity shop for institutional accounts. Now, with $17.5 billion under management, it is the second-largest player in the individually managed account business with a 4.9 percent market share, according to researcher Cerulli Associates. The journey from boutique shop to No. 2 in IMAs behind Brandes Investment Partners accelerated in 1997 when Connell sold the firm's money management business, Rittenhouse Financial, to Chicago-based muni-bond giant John Nuveen, while keeping the trust business (Rittenhouse Trust) for himself. ...

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