New leaders here have set their sights on growth. Peter Zuleba ascended to CEO in September 2023, and Thomas Melcher took over wealth management in January 2023, both replacing long-tenured predecessors. Within the investment management arm, President Kent Weaver hired a new sales lead in February 2024. Weaver says they are all focused on attracting new assets to the firm. That’s a tall order for an active manager when passive has raked in assets, but better performance—which has been middling of late—would help with that goal. More assets in turn should allow the firm to grow more competitive on fees, which were average at year-end 2023.
The firm has a stable base to grow on. Glenmede’s long history of managing investments began in 1956, overseeing seven charitable trusts for the Pew family. Today, Pew trusts claim about 15% of the firm’s roughly USD 45 billion in assets. Through its history, Glenmede has set thoughtful capacity targets for its strategies, which use quantitative, fundamental, and derivatives-based investment approaches. And it has shown sensible restraint in adding capabilities. Its mandates are team-run to address succession, and its senior managers have long tenures. The firm is employee-owned, though the Pew family retains significant ownership and board seats.