The boutique receives a Parent Rating of Average. The firm launched in 2013, when the principals acquired assets from Fifth Third Asset Management, which was exiting the institutional money management business. After a period of partial ownership with private equity firm Rosemont Partners, Foundry became 100% employee-owned in 2021. Most employees are owners and have worked together for years, providing stability, though more succession planning will need to occur as key team members get closer to retirement.
The team-based investment staff uses a quantitatively driven approach layered with some fundamental analysis. Offerings cater to an institutional audience, often through separately managed accounts. The firm has a mixed record with acquisitions dating to when Rosemont Partners had a stake in its business. While the acquisition of Dreman’s value strategies was in the firm’s wheelhouse, its 2016 bid for growth-oriented Arbor Capital didn’t turn out as well; the firm has since moved to exit the growth business. As assets under management declined and the firm looked to operate more efficiently within its value niche, a few personnel left in 2023. Assets were just under $2 billion in September 2023, down from $3.1 billion two years earlier.