News, Vision & Voice for the Advisory Community


Mark Hurley battles to end his relationship with his billionaire investor

The Fiduciary Network CEO needs a "bigger" investor, he says, as RIA LBO game heats up and he holds upper hand after winning arbitration but Howard Milstein's bank hasn't waved the white flag

Author By Lisa Shidler November 9, 2017 at 4:08 AM
no description available
Mark Hurley: We need a bigger boat. We need a larger investor.

Mark Hurley


Howard Milstein

Jeff Spears

Jeff Spears

November 9, 2017 — 8:10 PM
They should have both been member of The Protocol. Mark is thorough and sometimes that can work against you. I will never forget the first time I met Mark. After I told him that I I started my career as a broker he responded that ALL brokers were scumbags always looking for a better deal. Hmm...
Barry S. Friedberg

Barry S. Friedberg

November 11, 2017 — 8:06 PM
I am writing to clarify some issues in your article and explain the situation between Emigrant Bank and Mark Hurley involving Emigrant’s 75% owned subsidiary Fiduciary Network. All of the points I will cover can be found in publicly available information from the transcripts of the arbitration panel and the bank’s filings with the Southern District court in New York. These show that Mr. Hurley deliberately concealed important information from Emigrant Bank (the “SHH” section in your article) at the time that he requested the bank to waive its call option. There is no dispute about most of the facts we rely on in this case. There is no dispute that Hurley concealed from Emigrant Bank and the Fiduciary Network board, a 70 page confidential information memorandum that he prepared and was using, without the knowledge of Emigrant Bank or the board, to sell the bank’s 75% ownership in Fiduciary Network while Hurley himself was serving on the board of the company. The record shows he shopped the bank’s ownership position to at least the following investors: ABU DHABI INVESTMENT; MUBADALA; BLACKSTONE; CRANEMERE; CYNOSURE; ONTARIO TEACHERS, PRITZKER ORGANIZATION; AND TEMASEK. There is no dispute that he received an unsolicited inquiry from INVUS, a Belgian Family Office, which he did not share with the Fiduciary Network board nor the bank. There is no dispute that he diverted substantial resources of the company without board authorization to prepare for the marketing of Emigrant Bank’s 75% ownership position and that he did not seek board authorization for this project. I will also comment on Mr. Hurley‘s unsupportable claim that he put Fiduciary Network, its employees, and portfolio in play when he said, “we need a larger investor.” In addition, I will explain why Emigrant Bank is confident that it can run Fiduciary Network well with a different management team. Importantly, notwithstanding any impression created to the contrary, Emigrant at all times retains control of the situation, even in the event that a sales process goes forward, through its contractual right to match any high bidder’s price by simply paying a break-up fee. Details to be posted shortly.
Lakia Banks

Lakia Banks

September 3, 2018 — 7:21 PM
"toxic" relationships are a lot less harmful than the toxins being emitted from wood rot & yrs of untouched water damage the highly neglected property units (cabana in San Antonio TX) currently.

Related Moves

August 18, 2023 at 3:56 AM

Emigrant Bank 'doubles down' to send Mark Hurley packing and fire up Fiduciary Network, its RIA deal machine

The billionaire-owned New York bank eschewed the quick buck of a top-of-market sale to bet Karl Heckenberg can make Fiduciary Network function even better as its new CEO

November 22, 2018 at 12:07 AM

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING

RIABiz Directory sponsored by:

Directory Sponsor Logo

White Paper Postings

Common Tags

Recent Articles

Popular Writers

RIABiz logo


About Us




RIABiz, Mill Valley, California
Copyright © 2009-2024 RIABiz Inc. All rights reserved.