Foundation Resource Management Owners Sell Firm to Minority Partners

(Foundation Resource Management)

Little Rock investment advisory Foundation Resource Management Inc. (FRM) is under new leadership after founder Greg Hartz and co-owner Mark Millsap sold their interests in the firm to their minority partners.

The transaction was completed Feb. 1. Financial terms were not disclosed.

The company is now owned by Meredith Moll; Zach Riley; John Garmon; Abby McKelvy; and Chris Fleischmann.

Moll was named managing principal and Riley was named principal. Moll joined the firm in 2015. Riley has been with FRM since 2008.

Hartz, who launched FRM in 1992, and Millsap will remain with the company as full-time employees and portfolio managers.

FRM ranks No. 10 on Arkansas Business‘ most recent list of the state’s largest money managers. The firm had $918.43 million in assets under management. The company’s clients include insurance companies, charitable foundations, hospitals, retirement plans and families.

“As we look forward, it is with great pleasure that we reflect on the personal growth and capability of our next generation owners: We are confident that they will lead FRM to heights we cannot even imagine,” Hartz said in a statement.

Millsap said that he and Hartz committed to an internal ownership transition when they became equal partners in the business in 2001.

“We are proud to be concluding this process we constructed intentionally to maintain the continuity for our clients who hired us for our fundamentals-based, long-term oriented investment approach,” Millsap said.