Wednesday afternoon, Anthony Abenante’s voice was starting to feel hoarse.
Earlier this week, he was named the new CEO of Archway, an accounting and portfolio reporting software that tracks more than $700 billion in assets for some of the wealthiest Americans. So he traveled to and held a company-wide town hall at the Archway headquarters in Indianapolis to address his colleagues, get to know them and answer their questions. On Wednesday morning, he traveled to the Denver office to do the same. The roadshow was wearing on him a little, but his excitement was still apparent because, now, he could start putting his plans in motion.
Although Abenante officially became CEO this week, he’s already spent months preparing to lead Archway.
Abenante, who was previously the global head of equities at Credit Suisse and CEO of Instinet, where he modernized and expanded the firm’s multi-asset trading capabilities for institutional clients across more than 60 markets, was semi-retired and serving as an advisor to various companies. One of those was Aquiline Capital Partners, the $12 billion investment firm with private equity, venture, and credit strategies, which agreed in February to acquire Archway from SEI for $120 million. When the asset manager asked him if he’d be the new CEO, Abenante eagerly accepted.
“This is a really great asset that they purchased. And I think the team at Archway is really reinvigorated. There's a sense of ‘turning the page, next chapter.’ We're not part of a big company now. We're a small company that is going to try to get as nimble and agile as we can. So that has been resonating with people,” Abenante said.
The incoming executive, who plans to relocate to Indianapolis but will continue to spend a lot of time in New York City and elsewhere, turned the time between the signing and closing of the deal into a listening tour and “charm offensive,” recruiting others to join him.
Dan Berg, a veteran financial services executive who previously served as the chief technology officer at what is now Rockefeller Capital Management, as well as other firms, is joining Archway as its CTO. Abenante said that Berg has been preparing alongside him during the closing period. Richard Griffith, a longtime finance and software executive, will be Archway’s chief revenue officer.
Steve Meyer will also join Archway's board of directors as chairman, the company said this week.
The company is also adding others soon. One person Abenante hopes to hire and announce in the coming weeks “is really going to be able to take this business in a really interesting direction,” he said.
Aquiline’s investment thesis is that Archway has the most powerful core product, and with some investment, it has the potential to grow meaningfully.
"I have some really good people at Archway. I want everyone to feel like they're invested. They are really invested in this,” Abenante said about its private-equity owner.
There is competition; companies that have been helping family offices with their general ledgers for many years, as well as upstarts. Archway has to evolve more quickly, meet the heightening expectations of technology users, and better connect with other software and data offices rely on. It has APIs, but “they can be improved and they will be,” Abenante said.
In addition to other new executives and employees, Abenante has been busy selling Archway’s future to current and prospective family office clients and asking what changes they would like to see.
“Tell me where the good parts are…and where the bad parts are,” he said. “And, frankly, the bad parts I really want to hear about more because I know there are opportunities here for us. I'm not going to term them as problems.”
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Ken Gamskjaer
CEO and Co-founder, Aleta
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- The Chan Zuckerberg Initiative, which committed $336 million in grants last year, continues to narrow its focus, donating less to politics, education and housing and more to science.
- Apollo Global Management publishes a short, quarterly letter about investing at family offices. The latest issue says that hybrid capital, or debt-like capital with more creative and flexible terms and an equity-like upside kicker, is “having a well-deserved moment.” Offices continue to have an interest in the concept of fixed income replacement, according to Apollo, and the asset manager is, of course, happy to discuss that and accommodate their portfolios.
- A $250 Million Real-Estate Mystery Is Unfolding in Palm Beach. Jon Bon Jovi ain’t havin’ it.
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- Can you tell which videos are A.I.? This reporter’s quiz results were unsettling…
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Jobs
- JMC Investment, the private equity arm of the Painvin family’s office, is hiring an analyst. This person will help manage portfolio companies, review new investment opportunities and market the club deals led by the office. No comp details in the posting.
- A $750 million single-family office is hiring at least one associate to help it manage private debt and equity investments, as well as some public equities. Salary is $200,000 plus they are paying a bonus and offering carry. They plan to fill these roles in the coming months, so get applying!
- Morgan Stanley is still searching for a family office resources generalist. They’ve been hunting since at least April.
Other Stuff
- Want to read previous newsletters? All of them are online, and you can search for the topics you’re most interested in.
- Follow Modus on LinkedIn.
- Know the next family-office tech company raising capital or up for sale? I’d love to learn more. Send me an email or use Signal on a personal device not accessible by your employer (for example, a mobile phone or computer disconnected from a company VPN).
I'll be in...
- A Swenson’s parking lot this weekend.
- Back in NYC, and hopefully making it to the Takashi Murakami exhibit at Gagosian’s West 21st Street gallery.
