Everything Simon Krinsky said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Krinsky: True merger alignment requires all parties holding identical equity
“Our investment team will lead the research effort for the combined organization. All of that just screamed, we all got to have the same security. And that's from us to them to their private equity backers. All of us need to be rolling in the same direction.”
Krinsky: Private Equity Is the Biggest Catalyst for Wealth Management Consolidation
“The biggest change has been private equity capital. Which solves a bunch of problems around innovation and in some instances around business succession. And the competition has become better and deeper. And I think that drives consolidation too.”
Krinsky: Advisory firms must add client relationships to provide career growth
“In most businesses, I think if you're not growing, you're dying. Certainly that is the case for ours. So the markets help. We invest well and performance helps, and clients generally spend less money than they make. But we need to be growing in absolute number…”
Krinsky: Asset management firms require balance sheets to fund continuous innovation
“The world is innovating really quickly around us. And why? Because they have a balance sheet. You know, in our business model, money comes in, we pay people, money goes out. That's how it works. A balance sheet really, really matters.”
Krinsky: Pathstone will undergo future private equity recapitalizations
“I absolutely expect that there will be more than one transaction at the private equity sponsor level. Somebody's going to come in and buy out the early private equity investors or just join as a third private equity sponsor of Pastone to continue that growth.”
Krinsky: Single-Revenue Independent Advisory Firms Will Struggle to Survive
“I think it'll be very hard to remain independent in the way that our firm was independent. No balance sheet, one revenue line, because the world is innovating really, really quickly. This space is innovating quickly. So I expect more combinations, more capital…”
Krinsky: Institutional and family office clients want more services for less money
“The other thing we've observed is that the customer, it's a college endowment or a wealthy family, wants more stuff from fewer people for less money.”
Krinsky: Hall Capital will fully integrate into Pathstone without changing investment personnel
“For us, we won't have a legacy business that stands independent from the combined business. And our relationships with our clients aren't going to change. We still invest in the same way. We have the same investment philosophy. In fact, the same people making …”
Krinsky: PE funds reached out to invest after Hall Capital deal leaked
“Starting with when the leak occurred, we got a bunch of inbound calls from private equity funds saying, if this is true, we want in.”
Krinsky: All Hall Capital Owners Roll Same Equity Percentage Into Pathstone
“Every single owner, including our clients and Katie and John and the three of us, All the way down to the vice president who was promoted last year and got her first units are rolling the same percentage of our equity into Pathstone stock and receiving some ca…”
Capital Allocators 2