Telemus Capital makes transition to national financial management firm

Telemus Capital is working to turn itself into a national financial management firm, and it’s making a few key hires to pull that off.

The Southfield-based company recently hired Lloyd A. Perlmutter as the firm’s new COO. Perlmutter previously served for seven years as president of Gap, Inc. in Canada. The executive team at Telemus Capital created the COO role for Perlmutter so the experienced manager can oversee the firm’s day-to-day management and execution of its strategic initiatives.

“We’re evolving it from running it like a practice to running it like a business,” Perlmutter says. “We want to make it to the $10 billion mark. It’s going to need some more full-time managers doing what they do best.”

For Telemus Capital that means letting the firm’s partners focus on growing the clientele of high-net-worth individuals and expanding the firm’s assets under management. The strategy is paying off. Assets under management are up 25 percent over the last year.

“We need someone to run the day-to-day of the business,” says Lyle Wolberg, managing partner of Telemus Capital.

Telemus Capital has offices in Ann Arbor and Los Angeles. The latter is a result of Telemus Capital’s acquistion of Concentratic Capital in Los Angeles earlier this year. The firm has hired six people over the last year, expanding its headcount to 38 people. It is currently looking to hire a director of marketing and communications and a high-potential advisor.

Source: Lloyd A. Perlmutter, COO of Telemus Capital, and Lyle Wolberg, managing partner of Telemus Capital
Writer: Jon Zemke

Read more about Metro Detroit’s growing entrepreneurial ecosystem at SEMichiganStartup.com.