{"id":32756,"date":"2023-11-07T15:34:24","date_gmt":"2023-11-07T15:34:24","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/wealth\/this-5-billion-boston-duo-takes-an-endowment-approach-with-wealthy-families\/"},"modified":"2023-11-07T15:34:26","modified_gmt":"2023-11-07T15:34:26","slug":"this-5-billion-boston-duo-takes-an-endowment-approach-with-wealthy-families","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=32756","title":{"rendered":"This $5 Billion Boston Duo Takes An Endowment Approach With Wealthy Families"},"content":{"rendered":"
\n

Team Name: <\/strong>Livingstone\/Condron Team<\/p>\n

Firm:<\/strong> Morgan Stanley
\n MS
\n <\/fbs-ticker> Private Wealth Management<\/p>\n

Senior Members:<\/strong> Devin Condron, Victor Livingstone<\/p>\n

Location: <\/strong>Boston, MA<\/p>\n

Team Custodied Assets: <\/strong>$5.1 billion<\/p>\n

Forbes Rankings: <\/strong>Top Wealth Management Teams Private Wealth, Best-In-State Wealth Management Teams<\/p>\n

Background: <\/strong>Both natives of the Boston area, Condron and Livingstone each had trading backgrounds on Wall Street before becoming financial advisors. The two separately moved to Morgan Stanley in the early 2000s, gradually getting to know each other while building their respective businesses. They teamed up officially in 2020 after realizing that they had non-overlapping but complementary skills\u2014Condron specialized in working with high net worth families in areas like estate planning, while Livingstone had vast experience working with institutions like endowments and foundations. That dual approach from the top down has formed the bedrock of their team today, which now numbers nine people in total and works with clients that include entrepreneurs as well as public and private company executives. \u201cWe\u2019ve found that thanks to our capital markets expertise and experience managing endowments, this type of client has gravitated to us,\u201d says Livingstone. \u201cWe\u2019re both Boston guys with similar DNA\u2014it feels like we\u2019ve been working together for over a decade.\u201d<\/p>\n

<\/fbs-ad><\/p>\n

Competitive Edge: <\/strong>Having had a fair number of endowments or foundations as clients, which means working with a lot of investment committees, the team has over time applied this disciplined process to working with families as well. \u201cIt\u2019s a proven process that works for large pools of money that families are happy to have applied to them as well,\u201d says Livingstone.<\/p>\n

Investment Philosophy\/Strategy: <\/strong>The two partners cite the team\u2019s bottom-up fundamental process that starts with deep discovery to understand client balance sheets and risk tolerances. \u201cOnce we understand what a client is trying to achieve, we distill expertise from Morgan Stanley into a product that makes sense for each individual client, populated with some of the world\u2019s best asset managers,\u201d says Condron. \u201cAt the core, we are value guys\u2014our job is to protect the wealth many of our clients have already created,\u201d adds Livingstone, who recalls studying Harvard and Yale\u2019s endowments early in his career. \u201cWe really do take a long term view and believe in the endowment model, which means thinking about each asset class and trying to take advantage of any mispricing.\u201d One of the best opportunities they currently see in the market is in fixed income, where investors can get equity-like returns in credit markets: Not only does it generate a yield today but it also sets up for some attractive returns in a few years, the partners describe. The team are also big believers in alternative investments, which make up anywhere between 10% and 30% of client portfolios, with their favorite strategies today including private credit and private equity secondary funds.<\/p>\n

Investment Outlook: <\/strong>\u201cThe massive move in rates has been nothing less than a sea change over the last three years and will have big ramifications for market valuations,\u201d says Condron. \u201cIt\u2019s funny, we didn\u2019t have yields for so long and now that we do, clients are still hesitant because they feel good about cash, but it\u2019s our job to remind them that over a cycle these rates are attractive and need to be locked in.\u201d The team has been focused on moving some liquidity into Treasuries and bonds as they try to take advantage of higher rates, he explains. In terms of equity markets, the two partners are somewhat cautious and point to the narrow nature of the current market rally, with just a handful of big company stocks generating the majority of gains this year. Still, they remain opportunistic about the rest of the market eventually catching up: \u201cWhen you see these extreme readings, it probably makes sense to take advantage of companies that have not participated in this rally,\u201d says Livingstone. \u201c<\/p>\n

Biggest Challenge: <\/strong>Both partners cite the great financial crisis as a pivotal learning experience. \u201cOne of the challenges during periods of market volatility for us as advisors is to always make sure clients have enough liquidity so they can ride through the storm,\u201d says Livingstone. \u201cThat\u2019s one thing we came away from 2008 with and really keep as part of our investment strategy today.\u201d More generally, another challenge is helping clients to filter out the noise and avoid any fear of missing out when it comes to markets. An avid student of financial history, Livingstone likes to remind clients that if you look at past market cycles, staying the course over the long term always pays off.<\/p>\n

<\/fbs-ad>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Team Name: Livingstone\/Condron Team Firm: Morgan Stanley MS Private Wealth Management Senior Members: Devin Condron, Victor Livingstone Location: Boston, MA Team Custodied Assets: $5.1 billion Forbes Rankings: Top Wealth Management Teams Private Wealth, Best-In-State Wealth Management Teams Background: Both natives of the Boston area, Condron and Livingstone each had trading backgrounds on Wall Street before<\/p>\n","protected":false},"author":1,"featured_media":32757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57],"tags":[],"class_list":{"0":"post-32756","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-wealth"},"yoast_head":"\nThis $5 Billion Boston Duo Takes An Endowment Approach With Wealthy Families | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Team Name: Livingstone\/Condron Team Firm: Morgan Stanley MS Private Wealth Management Senior Members: Devin Condron, Victor Livingstone Location: Boston,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=32756\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This $5 Billion Boston Duo Takes An Endowment Approach With Wealthy Families | iSafeSpend\" \/>\n<meta property=\"og:description\" content=\"Team Name: Livingstone\/Condron Team Firm: Morgan Stanley MS Private Wealth Management Senior Members: Devin Condron, Victor Livingstone Location: Boston,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/isafespend.com\/?p=32756\" \/>\n<meta property=\"og:site_name\" content=\"iSafeSpend\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-07T15:34:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-07T15:34:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/11\/1699371265_0x0.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/isafespend.com\/?p=32756#article\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/?p=32756\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\"},\"headline\":\"This $5 Billion Boston Duo Takes An Endowment Approach With Wealthy Families\",\"datePublished\":\"2023-11-07T15:34:24+00:00\",\"dateModified\":\"2023-11-07T15:34:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/isafespend.com\/?p=32756\"},\"wordCount\":779,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"articleSection\":[\"Wealth\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/isafespend.com\/?p=32756#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/isafespend.com\/?p=32756\",\"url\":\"https:\/\/isafespend.com\/?p=32756\",\"name\":\"This $5 Billion Boston Duo Takes An Endowment Approach With Wealthy Families | iSafeSpend\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/#website\"},\"datePublished\":\"2023-11-07T15:34:24+00:00\",\"dateModified\":\"2023-11-07T15:34:26+00:00\",\"description\":\"Team Name: Livingstone\/Condron Team Firm: Morgan Stanley MS Private Wealth Management Senior Members: Devin Condron, Victor Livingstone Location: Boston,\",\"breadcrumb\":{\"@id\":\"https:\/\/isafespend.com\/?p=32756#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/isafespend.com\/?p=32756\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/isafespend.com\/?p=32756#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/isafespend.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"This $5 Billion Boston Duo Takes An Endowment Approach With Wealthy Families\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/isafespend.com\/#website\",\"url\":\"https:\/\/isafespend.com\/\",\"name\":\"Solutions For Real\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/isafespend.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/isafespend.com\/#organization\",\"name\":\"Solutions For Real\",\"url\":\"https:\/\/isafespend.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"width\":690,\"height\":64,\"caption\":\"Solutions For Real\"},\"image\":{\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/isafespend.com\"],\"url\":\"https:\/\/isafespend.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"This $5 Billion Boston Duo Takes An Endowment Approach With Wealthy Families | iSafeSpend","description":"Team Name: Livingstone\/Condron Team Firm: Morgan Stanley MS Private Wealth Management Senior Members: Devin Condron, Victor Livingstone Location: Boston,","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/isafespend.com\/?p=32756","og_locale":"en_US","og_type":"article","og_title":"This $5 Billion Boston Duo Takes An Endowment Approach With Wealthy Families | iSafeSpend","og_description":"Team Name: Livingstone\/Condron Team Firm: Morgan Stanley MS Private Wealth Management Senior Members: Devin Condron, Victor Livingstone Location: Boston,","og_url":"https:\/\/isafespend.com\/?p=32756","og_site_name":"iSafeSpend","article_published_time":"2023-11-07T15:34:24+00:00","article_modified_time":"2023-11-07T15:34:26+00:00","og_image":[{"width":1600,"height":900,"url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/11\/1699371265_0x0.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/isafespend.com\/?p=32756#article","isPartOf":{"@id":"https:\/\/isafespend.com\/?p=32756"},"author":{"name":"News Room","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf"},"headline":"This $5 Billion Boston Duo Takes An Endowment Approach With Wealthy Families","datePublished":"2023-11-07T15:34:24+00:00","dateModified":"2023-11-07T15:34:26+00:00","mainEntityOfPage":{"@id":"https:\/\/isafespend.com\/?p=32756"},"wordCount":779,"commentCount":0,"publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"articleSection":["Wealth"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/isafespend.com\/?p=32756#respond"]}]},{"@type":"WebPage","@id":"https:\/\/isafespend.com\/?p=32756","url":"https:\/\/isafespend.com\/?p=32756","name":"This $5 Billion Boston Duo Takes An Endowment Approach With Wealthy Families | iSafeSpend","isPartOf":{"@id":"https:\/\/isafespend.com\/#website"},"datePublished":"2023-11-07T15:34:24+00:00","dateModified":"2023-11-07T15:34:26+00:00","description":"Team Name: Livingstone\/Condron Team Firm: Morgan Stanley MS Private Wealth Management Senior Members: Devin Condron, Victor Livingstone Location: Boston,","breadcrumb":{"@id":"https:\/\/isafespend.com\/?p=32756#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/isafespend.com\/?p=32756"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/isafespend.com\/?p=32756#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/isafespend.com\/"},{"@type":"ListItem","position":2,"name":"This $5 Billion Boston Duo Takes An Endowment Approach With Wealthy Families"}]},{"@type":"WebSite","@id":"https:\/\/isafespend.com\/#website","url":"https:\/\/isafespend.com\/","name":"Solutions For Real","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/isafespend.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/isafespend.com\/#organization","name":"Solutions For Real","url":"https:\/\/isafespend.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","width":690,"height":64,"caption":"Solutions For Real"},"image":{"@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/person\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","caption":"News Room"},"sameAs":["https:\/\/isafespend.com"],"url":"https:\/\/isafespend.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/32756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32756"}],"version-history":[{"count":1,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/32756\/revisions"}],"predecessor-version":[{"id":32758,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/32756\/revisions\/32758"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/media\/32757"}],"wp:attachment":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}