Nearly three decades after joining a now $5.2 billion wealth and asset manager as a junior research analyst, the firm’s former COO and CIO has been appointed its CEO.
Sonya Thadhani Mughal has assumed the top role at Bailard, a San Francisco Bay Area-based firm whose billions of dollars in assets are spread across its wealth management practice and funds in sectors such as real estate, international equities and socially responsible investing.
The firm
In a joint interview with Mughal and Hill, the new CEO set a goal of reaching $10 billion in assets. She didn’t specify a timeline but did discuss the firm’s ownership plans.
“Independence is incredibly near and dear to us,” says Mughal. “While we did not found the company, we've been given a wonderful opportunity to be entrepreneurial, and we feel very passionate about remaining independent.”
As of last March, 48 of the firm’s employees owned 67% of the firm, with the rest held by former staff and private investors,
The Foster City, California-based firm has 68 full-time employees, including 12 senior investment counselors leading teams of portfolio managers and client associates serving roughly 600 high-net-worth clients and 275 other individuals. In addition, the firm manages more than $425 million on behalf of a sovereign wealth fund, its latest ADV
Asked for the proudest accomplishments of his tenure, Hill cited the firm’s growth, the establishment of its charitable arm two years ago upon its 50th anniversary and the hand-over of the CEO role to Mughal. Under the transition, Hill is now the executive chairman of the firm.
“We've been working on it for quite a while; I know that Sonya will do a terrific job,” Hill says. “With an investment firm, it's always good if you can go through things in a stable fashion.”
Mughal began her career with Bailard in 1994 as an analyst covering U.S. equities and real estate as a recent college graduate and immigrant from India. She received her CFA three years later. Mughal’s most recent roles at the firm were as chief risk officer and COO and, before that, as CIO.
“I feel very humbled,” she says. “My plan is growth, with an emphasis on excellence.”
In addition to the CEO announcement, the firm said 39-year company veteran Burnie Sparks stepped down from the position of president to become vice chairman. Mike Faust, who has been with the firm 19 years, has taken over the role of president of the wealth management practice. Bailard also made Senior Investment Counselor Kim Aquino the director of operations for the wealth management group and Jon Manchester, a CFP-CFA, the group’s chief strategist.
