Investing in Utah: Local money managers gain national attention

Your rich uncle just died, leaving you a sizable sum of money. But you don't know a mutual fund from a hole in the ground.

Where will you turn for financial advice?

You want a firm that has experience and a track record of making money grow. One that has made a name for itself nationally and will provide personal service to help you meet your financial goals.

Which means you will need to call a company in New York, right? Or maybe San Francisco? Certainly somewhere on the East or West coast.

Or maybe not. Take a look around little old Salt Lake City and you might find just what you're after.

Several local investment firms have grabbed national headlines the past few months. And although they may be flying under the radar in Utah, their leaders say these firms' successes prove that money managers can thrive in the Beehive State.

Consider Alta Capital Management in Holladay. The company has been around since 1981, and managing principals Michael Tempest and Eric Barlow, with nine other employees, manage about $600 million.

Barlow said a Wasatch Front location has not stopped Alta — and its reputation — from growing. Two of Alta's investment strategies recently ranked in the top five in categories tracked by Money Manager Review, competing with hundreds of firms nationwide.

"A lot of firms start out like ours on a local basis, but once they start getting a national reputation like we've been able to do. . . , then your clientele is from all over the country," Barlow said.

"Once you get good numbers, you can live a lot of places and make firms like ours successful."

Gaining accolades

Alta Capital isn't alone in finding success along the Wasatch Front.

John Bird, president of Salt Lake-based Albion Financial Group, was listed in the October issue of Worth magazine as one of the nation's "Top 100 Wealth Advisors." He was selected after a year of research by the Worth staff from among hundreds of nominations sent in by readers, as well as executives at private banks, wealth management and investment firms and industry associations.

"As I look at it and as my partner looks at it, it's really nice that a relatively small firm in the Intermountain West gets national recognition," said Bird, who has made the Worth list for three straight years. "It speaks to the quality of service available in Salt Lake City and along the Wasatch Front."

Albion's team of 13 people has about $440 million under management, Bird said. The firm works for about 200 families, with investment minimums at $1 million.

"To me, that seems like a big number, but in the world of wealth management, it's not a big number," he said.

Another Salt Lake company working well with big numbers is Wasatch