WCM’s co-CEO Kurt Winrich retired at the end of 2021, but the firm remains in excellent hands. Upon the retirement, Paul Black took over sole CEO duties. Black has been at WCM since 1989 and worked closely alongside Winrich to cultivate the investor-first mindset WCM embraces to this day. The team has built out an admirable investment process with an edge over peers by focusing on a company’s durability (or moat) and company culture. Despite above-average fees on most of their offerings, long-term net-of-fee performance remains strong.
Over this period of strong performance, WCM has had rapid growth. In September 2013, the firm had roughly $500 million in assets under management; that number is now at roughly $70 billion as of June 2022. The firm now has more than a dozen mutual funds, but the firm’s leaders are thoughtful about which strategies they launch and have shown a willingness to close strategies before capacity becomes a concern.
WCM employees and the owners remain the largest shareholders of the firm. Natixis, who focuses on the company’s distribution, acquired a 24.9% stake in the company but has just 5% of the voting rights. This allows the owners and managers to focus solely on the investor and their portfolios.