$ 1 billion Invictus Collective launches RIA with Dynasty
A sister-in-law team serving high net worth clients with expertise in private offerings has become independent from JP Morgan Advisors at Dynasty Financial Partners.
Financial advisers Christian Habitz and Sarah Damsgaard left JP Morgan, where they managed $ 1 billion in assets under administration, to start a RIA with offices in Milwaukee, Chicago and Miami called The Invictus Collective, Dynasty mentionned May 26. The capabilities of the RIA platform stood out when Habitz and Damsgaard set out to find a way to give clients better access to private investment, the siblings said in an interview.
“It’s really this partnership that gave us the confidence and the ability to do it,” says Damsgaard.
The duo had been with JP Morgan since 2015 after previous contracts with Credit Suisse, according to FINRA BrokerCheck.
“A lot of RIAs get stuck in administrative quagmires,” says Habitz. “We didn’t want to be burdened with all of these components.”
Representatives for JP Morgan did not respond to a request for comment on their departure.
The RIA’s registration with the SEC went into effect on May 12, according to the regulator’s investment advisers public disclosure database. Invictus has chosen Fidelity Clearing & Custody Solutions as custodian and has chosen Addepar and eMoney as technology providers. Also, they use Purshe Kaplan Sterling Investments as their broker.
The firm has three other associates and works “exclusively with high net worth individuals, multigenerational families and associated entities”, according to its website. It was not difficult to explain the independent move to clients, says Damsgaard.
“They understand the value proposition and the structure,” she says. “They’re used to us leading them through things. We’re very, very fortunate to have some really great and sophisticated clients.
Prior to JP Morgan, Habitz and Damsgaard were part of Credit Suisse’s Private Banking Group, and Habitz had previously spent nearly a decade with Morgan Stanley and its Private Client Group. Damsgaard had previous mandates at Reinhart Partners and MFS Investment Management. Before becoming a counselor, she made a career as a professional ballerina, including at the School of American Ballet at the New York City Ballet and at the San Francisco Ballet.
Habitz has a solid background in start-up investments. He started his career in the family office of former Chairman of the Board of LaSalle Bank, Harrison Steans, an experience he describes as enlightening as he and his sister run their own independent multi-family office. .
“We were middle class kids from the Detroit area, but that’s where I learned the trade,” says Habitz.
The opening of their RIA comes two months after the departure of a former Merrill Lynch team with $ 1.2 billion in client assets. to start an RIA with Dynasty. Former Wells Fargo Advisors broker with $ 500 million as well joined an RIA on the Dynasty platform last month. The platform has participated in over 150 breakaway movements since its inception.