It maintains an Average Parent rating.
This almost half-century-old firm is on solid footing, with over $22 billion in assets under management as of December 2022, grounded in a healthy institutional business (roughly three fourths of its AUM lie here) and a growing models-delivery business. The firm's small but experienced investment team is composed of long-tenured managers who have considerable investment in their strategies and some ownership in the firm, which encourages retention.
Madison has evolved in some ways. After a five-year stint as CEO, Paul Lefurgey relinquished the role in 2022 as Madison moved back to an executive committee management structure, which it had previously used. Longtime distribution head Steve Carl chairs the committee, and Lefurgey remains a CIO. Madison has also made changes to its performance-based remuneration plan moving to a revenue-sharing target model, with a percentage based off five- and 10-year performance.
But it underwhelms in some important respects. It levies fees ranking no better and mostly worse than its peers', and its small investment team lacks depth. Overall, the firm is an adequate but not exceptional steward.