A Michigan-based financial firm has relocated its main office to downtown Grand Rapids and hired a group of professionals to run it.
Red Cedar Investment Management moved its East Lansing headquarters to a temporary office space in Bridgewater Place, at 333 Bridge St. NW, in January, according to the firm this week.
Its permanent space in the building, suite 601, is under construction and expected to be move-in ready this summer.
The firm has hired four employees: a chief investment officer, John Cassady, who will lead the Grand Rapids team; two senior portfolio managers, Michael Martin and Patricia Younker; and an executive assistant, Jill Meendering. They are all formerly of ClearArc Capital, which is an investment management subsidiary of Fifth Third Bank and was formerly a client of Red Cedar’s.
Fifth Third last fall decommissioned some segments of ClearArc, which is what led to the opportunity for seven downsized employees — including three who will be based at Red Cedar’s new Cincinnati office — to “lift out” and join Red Cedar, according to Michael Feldhaus, director of sales and marketing out of the Cincinnati branch.
Red Cedar is also maintaining its East Lansing office, which has six employees, including Mike Gilmore, the firm’s president.
Feldhaus said Red Cedar plans to hire additional staff for the Grand Rapids location in the near term.
Gilmore said the addition of the ClearArc team “strengthens investment capabilities, while enhancing the scope of products and services” Red Cedar can offer to its national clientele.
“We are excited for the opportunity to add an experienced group of professionals that have worked together successfully for 15 years to the Red Cedar team,” Gilmore said. “Their track record of success provides a platform for future growth and allows our firm to focus on developing long-term partnerships with our clients.”
Cassady said his team is “thrilled” to join Red Cedar.
“Our decision to come here was driven by our desire to keep the team together and continue with the investment strategies we have developed over the past 15 years,” Cassady said.
“The opportunity to work in an entrepreneurial environment while creating value for our clients was incredibly appealing to us and is an exciting next chapter for our team. Additionally, Red Cedar is dedicated to providing the resources needed to make the best investment decisions on behalf of our clients.”
Founded in 2013, Red Cedar Investment Management is a registered investment advisor and subsidiary of Delta Dental of Michigan and Ohio.
It is an active asset manager with 13 employees and $1.3 billion in assets under management.
Red Cedar is focused on providing “high-quality, income-producing strategies” to clients through research across the capital structure. Its primary expertise is in managing preferred securities.