We believe that our firm is the ideal home for passionate and independent thinkers who want to build investment franchises and own the outcomes—with as few distractions as possible.
The priority we place on investments and talent permeates our firm. Each investment team has complete autonomy over its investment process and decision-making. The environment in which each team operates is unique and individually tailored. Each team is built and resourced—and eventually evolves—in the way that works best for the team. Within each investment team, our model creates an ownership mindset marked by dedication, attention to detail, long-termism, integrity, accountability, economic alignment and pride—in short, both skin and soul in the game.
We actively work with each team to develop the traits of a sustainable investment franchise: recognizable leadership, a grounded investment philosophy and process, proven results, depth and breadth of resources, economic alignment, a unique culture and a distinctive brand. Over our history, we have launched nine investment teams. We have merged one team into another team and evolved one team into two teams. We have never shuttered a team.
While our model is designed for and around investment talent, executing the model requires talented people across our entire firm. This includes distribution professionals who can serve clients across multiple channels with minimal distractions for investment team members. And business management and operations professionals who can successfully support nine distinct investment franchises, each with its own unique needs and culture.
We employed 453 associates as of December 31, 2020. Approximately 30% of our associates work within our investment teams, 17% within our distribution teams and 53% within our business management and operations teams. Approximately 93% of our associates operate from our U.S. offices and 7% operate from our offices outside of the U.S.
As a human capital business, we focus on the environment we create for our associates, long-term economic alignment and employee benefits. We try to avoid generic "check-the-box" solutions and instead favor a tailored approach in keeping with our pursuit of great talent and differentiated outcomes. Some examples of what we do to promote success across a diverse group of associates are described below:
- Each of our nine investment teams operates out of its own dedicated office space, which has been designed for—and in most cases by—the specific team. We believe that providing each investment team its own physical space, located where it wants to be, is important to creating the sense of ownership critical to long-term success.
- We provide competitive compensation for our associates which we believe to be fair and merit-based. We regularly review the compensation that we pay our associates to evaluate competitiveness within our industry and within the markets where our associates work.
- We provide equity or equity-linked incentives to all our associates. As of December 31, 2020, associates owned approximately 14% of our firm.
- We encourage our associates to save for their retirement. We match 100% of associate 401(k) contributions dollar for dollar (fully vested), up to the IRS limit. In 2020, 70% of our U.S.-based associates took advantage of the maximum match of $19,500. We provide similar retirement benefits for our associates based outside of the US.
- We pay 100% of our participating associates’ health care premiums, which amounted to approximately $15,800 per associate in 2020. As of December 31, 2020, between associates and their dependents, our health insurance programs covered over 1,300 people.
- We support continuing education with tuition reimbursement for undergraduate, graduate, professional and licensing education.
In addition to the benefits noted above, we also offer our U.S.-based associates and, where applicable, associates operating from outside the U.S., the following benefits: paid time-off for vacation, sickness, bereavement, civic duty and parental leave; vision and dental insurance; health, limited purpose and dependent care savings accounts; group term life, voluntary life and long-term disability insurance; parking and commuter benefits; travel assistance services; in-office flu shot clinics; free in-office fitness centers; and, for our convenience, free in-office lunch, snacks, and beverages.
All of our benefits are available to employees regardless of title, role or responsibility.