Family Office
Herrema to help Stone Point Capital find investors
Former Morgan Stanley PWM executive migrates to private-equity-fund manager. Donald Herrema, former head of Morgan Stanley Private Wealth Management (PWM) in the Americas, has become a senior advisor to the private-equity-fund firm Stone Point Capital. He'll be helping the Greenwich, Conn.-based firm identify asset- and wealth-management firms that might be worth investing in.
"Don's extensive financial-service industry background is complementary to [our] investment focus and he will be a valuable resource to our firm," says Stone Point's CEO Charles A. Davis. "We look forward to working with Don."
A number of companies have, at one time or other, looked forward to working with Herrema.
C.V.
Herrema spent 13 years at Wells Fargo, including stints as head of the San Francisco-based bank's mutual-fund and retail-brokerage businesses. He then spent five years at New York-based multifamily office Bessemer Trust, latterly as CEO.
In 2001, Herrema joined Amvescap (now Invesco) to lead the U.K.-U.S. fund company's wealth-management business Atlantic Trust.
In 2003, he spearheaded Amvescap's acquisition of Boston-based Stein Roe Investment Counsel (now part of Atlantic Trust) from Putnam Lovell (now Jefferies Putnam Lovell) for $118 million up front plus another $43 million contingent on Stein Roe's management meeting certain client-retention and revenue goals. Putnam Lovell had paid around $40 million for Stein Roe in 2000.
A year later he popped up as CEO of Loring Ward, a Canadian-owned, U.S.-based firm that has since sold its private-client businesses to focus on the turnkey asset-management space.
After about a year at Loring Ward, Herrema joined Morgan Stanley to lead its high-end wealth-management business in the U.S. and Latin America in April 2006. He left Morgan Stanley last fall as the New York-based wirehouse was re-organizing its PWM group.
Herrema says that Stone Point "has an impressive track record investing in the insurance and financial-service sectors." He adds: "I am excited about working with them on future investment opportunities."
Stone Point, which manages the Trident private-equity funds, says it has raised more than $10 billion in committed capital. -FWR
Purchase reproduction rights to this article.
