Miracle Mile Advisors, a Los Angeles-based RIA that oversees approximately $5.7 billion in client assets, has named a new chief investment officer with two decades of analyst experience to set the firm's research agenda and oversee the construction, implementation and portfolio management strategy.
Most recently with Telemus Capital, where he served as CIO from late 2018 to absorbed by Focus Financial partner Kovitz Investment Management this year, Matt Dmytryszyn was previously a senior research analyst with LaSalle Street Capital Management for nearly eight years and with Russell Investments for more than six years. He began his career as an analyst at Piper Jaffray in 1999.
Dmytryszyn is replacing Peter Lowden, who took a job at Syon Capital in San Francisco. He will report to Bruce Milam, who became the firm's first CEO in June.
Both men agree that the time was right.
“He comes to us with tremendous experience that is really on point,” Milam said. “Deep RIA and broad industry experience, and a passion for investment. And Matt is an incredible communicator and leader.”
“Miracle Mile has a very good investment offer today,” said Dmytryszyn. “I think I can use my background and my research experience to take it where the industry is going and, more importantly, where our customers' needs are going. That's by expanding our private investment offering and having more differentiated solutions out there, but also really looking at unique, differentiated and broader investment solutions tailored to our clients' needs around things like tax efficiency or income or social needs.”
Dmytryszyn said his approach involves “talking to a lot of investment solutions and looking at a lot of things” to find private investments where clients are compensated for giving up some liquidity with both increased return and reduced risk.
Miracle Mile has an extensive footprint on the West Coast, with satellite offices in San Diego, San Francisco and Portland, as well as a new office in Seattle that opened earlier this year. However, following two acquisitions announced in FebruaryMiracle Mile is expanding its reach with a Baltimore location and a Chicago office expected to open this summer, along with its pre-existing Long Island office.
Milam has worked to add specialized capabilities and services through external partnerships and a growing stable of in-house professionals, including a recently brought on real estate attorney. The firm has also been in talks with existing CPA partners to provide tax services in-house while working to establish referral agreements with others.
Founded by Managing Partner Brock Moseley in 2007, Miracle Mile received a minority investment from Merchant Investment Management in late 2020 that backed the firm's first four acquisitions. That stake was bought by Corsair Capital two years later, at the same time the firm announced it was acquiring Karp Capital Management, a $1.2 billion firm under management that was the largest acquisition in the firm's history, and brought Lowden on staff.
Today, Miracle Mile consists of more than 70 employees, including 27 advisors, overseeing approximately 5,500 accounts for more than 1,600 households and approximately 260 institutional clients.
“We're seeing more and stronger opportunities in the market in 2024 than last year,” Milam noted. “We're currently engaged with a number of really great firms that are exploring a partnership, and I've seen no indication that our opportunity set is going to slow down.”
RIA reported five-year annual growth of 35% in September.