Fidelity Wealth Adviser Rollins Said to Leave for Brenton Point
Larry Rollins, a top adviser at Fidelity Investments, left Friday to join Brenton Point Wealth Advisors, a money manager affiliated with hedge fund firm Zweig-DiMenna Associates, according to a person with knowledge of the matter. Rollins, 51, who will open an office for Brenton Point in Westport, Connecticut, oversaw $2.7 billion for Fidelity, said the person, who asked not to be identified discussing the move because it hasn’t been announced publicly. He worked for Boston- based Fidelity since 2004. Rollins didn’t immediately reply to an email seeking comment.
Joe DiMenna, who co-founded Zweig-DiMenna in 1984, started Brenton Point two years ago. Some employees of the stock-focused hedge fund, including market research director Michael Schaus, also work with Brenton Point, providing guidance on market strategy as well as administrative, accounting, compliance and operational support. The hedge fund firm managed about $1 billion as of March, according to a regulatory filing.
Many wealth managers are leaving large broker-dealers and banks for independent advisers. Last month Michael Cole, who founded and led U.S. Bancorp’s ultra-high-net worth arm, joined startup Cresset Capital Management to launch a family-office business.
DiMenna isn’t the first hedge fund or private equity manager to wade into wealth management. Cresset was founded by two former private equity executives who were disappointed by existing offerings for managing their own money. A.W. Jones Advisors started a wealth-management arm this year, almost 70 years after its founder created what’s now regarded as the first hedge fund.