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Knight Global, the family
investment office of Ryan Kavanaugh, today announced that it has acquired one
hundred percent of Bay Mutual Financial ("BMF"). Knight Global is managed by
CEO and President Matthew Kavanaugh and Chief Investment Officer Philippe
Faraut.
BMF is a premier independent boutique full-service financial advisory firm
licensed as both a broker/dealer (B/D) and international registered investment
advisor (RIA). BMF has over $22 billion under management, covering all asset
classes and specializing in pensions and defined contribution plans of Fortune
500 companies.
BMF has four divisions: Private Client Group; The Plan Advisors; Strategic
Financial Consulting Services; and the Foundations and Endowments Division.
The Private Client Group serves a diverse range of clients ranging from
entertainment luminaries, to business leaders, to small business owners, to
investors and retirees.
The Plan Advisors division of BMF serves over thirty retirement plans with a
highly diverse group of sponsors, balanced among different industries. As
leaders in the defined contribution space, The Plan Advisors provide clients
with a wide scope of services extending far beyond simple asset analysis and
advising.
BMF provides Strategic Financial Consulting Services to a diverse clientele,
including, but not limited to: raising capital, trading securities, cash
management, divestiture, mergers, acquisitions, investment management, global
transaction banking, compliance, and more intricate and specialized client
needs. While heavily involved in traditional finance, the firm is committed
to remaining at the cutting edge of today's global financial environment,
specializing in the spectrum of private equity transactions.
The Foundation and Endowment Division provides highly cost effective services
to a spectrum of not-for-profit institutions. BMF utilizes one of Wall
Street's largest clearing firms, Pershing LLC, a division of The Bank of New
York Mellon, to provide clearing, execution, and custodial services.
Prior to this acquisition, Knight Global had investments with a total value of
over $1 billion in private and public company value. Knight Global focuses on
early to mid-term growth stage companies where it can strategically invest and
utilize its resources to help accelerate the companies' growth. This
transaction is subject to customary regulatory approval.
Investment examples include Dog For Dog, one of the fastest growing dog food
and product companies in the world; Shoutz, which holds the exclusive
advertising and digital contracts with Power Ball and Mega Million lotteries
(along with other countries' lotteries) as well as diversified holdings in
multiple industries such as consumer goods, real estate, aviation, biotech and
technology. Investments also include companies such as Monster Media,
Moblity, Shadowsms.com, hangover patch, and several others. Knight also has
various investments in other hedge funds. In addition, Knight Global owns and
operates an aviation company, which is fully diversified including charter,
government contracts, and pilot training.
Most recently, Knight recognized a significant profit from Juno, the largest
Biotech IPO of 2014, a company that recently went public on its cancer
treatment technology and platform, which was created in part by the Kavanaugh
brothers' father, Jack Kavanaugh, who is an MD, DDS and MBA. The cancer
treatment originally created at ZetaRx, which was formed and run by Jack
Kavanaugh, is showing a reported 89% complete non-reoccurring remission of
certain types of tumors. Knight Global is currently involved in a number of
other biotech and pharmaceutical investments.
"Through its acquisition of BMF, Knight Global continues to expand its
footprint in creating a highly synergistic platform," said Matthew Kavanaugh,
CEO and President of Knight Global. Matthew became CEO and President of
Knight Global in 2013 after spending the better part of a decade representing
a number of high profile entertainment, venture and tech clients as a
practicing lawyer. As an attorney at Eisner Kahan Gorry (now Eisner Jaffe),
Matthew focused his practice on being a one stop shop for all of his clients'
mergers and acquisitions, corporate, real estate, entertainment, intellectual
property and litigation needs.
Philippe Faraut, Knight Global's CIO, commented: "Through this acquisition
Knight Global will be able to bring unique investment opportunities to BMF and
its clients, and will allow it to broaden the spectrum and diversity it brings
to all of its investments." Philippe joined Knight Global earlier this year
after holding the position of Managing Director at Intrepid Investment
Bankers. He held prior senior positions at the Sage Group and Merrill Lynch.
In his prior positions Philippe spearheaded transactions including J Brand,
NYDJ, Jimmy Choo, Wally's, Perry Ellis, and many others.
Bud Pernoll, founder, Senior Managing Director and CEO of BMF, will continue
as CEO and Chairman of BMF and will also assume the position of President of
Public Markets at Knight Global. "After building a diversified public
securities brokerage over the past 12 years – and after my career at Morgan
Stanley and Wachovia (now Wells Fargo) – it became clear the alliance with
Knight Global will allow BMF to bring a new array of unique, diversified and
generally only available to a select few, investments to its clients."
Pernoll continued: "BMF has always worked to bring to its clients the best in
class assets. After doing diligence on the assets and investments at Knight
Global it became clear that BMF will be able to continue to operate as a
nimble boutique firm and yet add on new product offerings that are best in
class."
"I've worked with Ryan for almost 20 years and couldn't be more excited and
confident that this partnership is one of those rare occasions where one plus
one equals 11," concluded Pernoll.
Tom Demko, Managing Director and President of BMF will continue in this role
and will additionally assume the newly created positon of Executive Vice
President of Public Markets at Knight Global. "We couldn't be more excited to
join forces with Ryan and Knight Global's entrepreneurial ethos and
progressive worldview."
MEDIA CONTACT:
Rachel Hunter
Knight Global
212-333-3810
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