Prime Capital Financial Debuts Endowments, Foundations OCIO Unit

Prime Capital Financial has launched its Endowments and Foundations division, with plans to offer clients outsourced CIO and other fiduciary management services. 

The new unit aims to provide family foundations, museums, educational institutions, health-focused foundations, and nonprofit endowments with investment management, impact strategy, and governance. 

Prime Capital has tapped Mark Hays to lead the practice as president. Before joining Prime Capital, Hays served as managing director and director of Sustainable Investing at Glenmede for nearly seven years, where he was responsible for leading the firm’s investing platform and advising endowments, foundations, families, and institutions on investment and impact strategies. 

“Endowments and foundations deserve a true partner who can match institutional-caliber expertise with real personal attention, and we’ve already been building that capability across our platform,” said Glenn Spencer, chief executive officer of Prime Capital Financial. 

The firm’s new practice aims to meet the growing demand from endowment and foundation investors, notably those with between $5 million and $250 million in investable assets, who are seeking tailored services, Prime Capital stated. 

Recently, Prime Capital sold a minority stake to the Carlyle Group as part of a $600 million hybrid capital solution, which values Prime Capital at $1.8 billion. 

Additionally, Prime Capital’s latest move comes a little over a year after the wealth management firm entered the tax advisory space with the launch of Prime Capital Tax Advisory, which was created through a partnership with Texas-based Hartman Wanzor McNamara.