covington capital management
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An independent, employee-owned investment advisory firm providing traditional and alternative asset
management in concert with fiduciary and transition counsel to successful families and individuals
An independent, employee-owned investment advisory firm providing traditional and alternative asset
management in concert with fiduciary and transition counsel to successful families and individuals
Managing Partners
OUR PRINCIPLESWe foster and continue to refine a collegial
environment which encourages independent
thinking in pursuit of the best solutions for
our clients.
We conduct all of our business dealings with
the highest level of integrity, placing the
needs of our clients at the forefront of our
decisions.
Our team is talented, experienced, ambitious,
and motivated with a passion to provide the
best possible service for our clients, free of
the conflicts of interest of large corporate
environments.
OUR VIEWOver the course of the past few decades, the financial services industry has been the
victim of breakneck consolidation and un-tethered expansion. The concept of traditional
asset management and investment counsel has been lost in a fog of product creation
and a rush to gather assets through a financial supermarket structure. Challenged to
differentiate among dozens of nearly identical firms with similar products, successful
families and individuals are frustrated in their search to engage a firm that understands
their unique dynamic and is able to provide corresponding solutions.
Covington Capital Management was founded by individuals with a mandate to
provide individual asset management, fiduciary, and transition advice and counsel.
Our professionals average over 25 years of wealth management experience. Our
firm is not affiliated with any bank, insurance company, trust company, or broker-
dealer. Our commitment is to provide client specific advice to meet client specific
requirements. Our analysts and portfolio managers combine modern portfolio
construction theories, risk management, and diversification to meet each individual
client’s unique circumstance. We are not influenced by market fads and trendy
investment schemes. Our clients enjoy direct access to their portfolio managers
as opposed to interpreting the communications of a client service messenger.
Covington Capital does not sell investment products; we sell only integrity and the
quality of our un-biased advice and counsel. The only compensation we receive is from
our clients. Our independence and ability to provide the best possible solutions sets us
apart in a sea of choices.
Mark Gibson, MacArthur Park, digital image
Management Committee
FOCUSOur relationship with our clients is sacrosanct. Each client has a story and circumstance
unique to them. They may require income, capital growth, estate planning review,
business transition advice, all of the above, or a combination thereof. Our professionals
look beyond the assets that we manage directly and consider the entire landscape and
asset allocation of each client to arrive at a prudent portfolio structure. For example,
a client that has created wealth and continues to have business interests in the energy
industry is unlikely to have significant equity holdings in that sector in their portfolio
managed by Covington. We work as a team to research investment ideas across
industry sectors, styles, capitalizations, and borders. Our fixed income research and
management group reviews opportunities in all segments of the debt markets and
actively manages portfolio allocations to maximize returns while mitigating risk.
Our portfolio management team averages over 25 years experience and makes
decisions solely for the benefit of our clients. We do not receive commissions or
placement fees. Our interests are aligned with our clients; to grow the value of
their portfolios.
Michael Howell, Moon Over Skyline, digital image
INVESTMENTS One of Covington’s core objectives is to provide excellent investment returns by providing
proprietary investment management complemented by appropriate sub-advised strategies to
enhance diversification and portfolio returns. Our investment team has performed well through
past market cycles with attractive levels of relative risk and tax efficiency. Our proprietary
equity process is driven by bottom-up fundamental research. We favor companies operating
in attractive industries with enduring competitive advantages that demonstrate a continued
ability to increase revenues and earnings, maintain a strong balance sheet with prudent debt
levels, and achieve above average operating margins. In addition, we analyze management’s
track record of capital allocation, much as our clients review our track record.
We construct global equity portfolios with a blend of geographies (foreign and domestic),
styles (value and growth), and capitalizations (small, mid, and large) to moderate volatility
over time and expose the portfolio to an expanded range of opportunities.
Equity Team
FIXED INCOME MANAGEMENT Covington’s proprietary fixed income management invests in debt instruments to generate
stable income, preserve capital, and produce predictable returns. The fixed income allocation
of client portfolios is designed to balance the higher risks of equity investing and dampen
portfolio volatility. We invest in municipal, corporate, U.S. government, convertible, and
sovereign instruments. Our process focuses on short and intermediate maturities of investment
grade issuers combined with active management of sector allocation. We are sensitive to
yield spreads, maturities, call structure, credit quality, liquidity, and tax consideration. We are
agnostic vis-à-vis interest rates, but seek to exploit relative value opportunities as they arise.
In addition to our proprietary management, we research and select a limited offering of sub-advisors to complement the portfolio. These may include low-expense Exchange Traded Funds that create exposure to less liquid and esoteric markets such as emerging markets, real estate, hedge fund strategies, commodities, and private equity.
We manage our client portfolios with a long-term perspective, thus our turnover is low and tax profile is efficient.
Fixed Income Team
OTHER SERVICESCovington’s wealth planning and advisory team works in concert with our portfolio managers
to integrate estate and transition planning concepts into the investment plan. In addition,
we consult with our clients’ outside legal and tax advisors to create an overall plan that best
achieves client estate and transition objectives. We have extensive experience and expertise
assisting clients creating and executing their philanthropic and estate management goals.
For clients who require the services of a corporate trustee in their transition and wealth transfer
plans, Covington offers clients a comprehensive range of fiduciary services through major trust
companies.
Client Services
JEFFREY L. GLASSMAN, ESQ 213.629.7527 Chief Executive Officer [email protected]
ROZETA ABOVIAN 213.629.7536 Client Services [email protected]
GARY H. ARAKAWA, CFA 213.629.7508 Managing Director [email protected]
RICHARD E. AZARLOZA, CFA, CFP 213.629.7532 Managing Director [email protected]
CRAIG B. BURGER, CFA 213.629.7534 Managing Director [email protected]
ALEXANDER J. COTE 213.629.7525 Investment Associate [email protected]
KATRIN B. DOYLE 213.629.7504 Senior Vice President [email protected]
REBECCA K. DUTKA, CFA 213.629.7514 Managing Director [email protected]
DELIA HERNANDEZ 213.629.7512 Client Services [email protected]
AMY E. LANGE, CFA 213.629.7523 Managing Director [email protected]
DWIGHT LIU 213.629.7510 Chief Financial Officer [email protected]
PHONG H. LUU 213.629.7521 Assistant Vice President [email protected]
ROBERT M. RANEY, CFA 213.629.7511 Senior Advisor [email protected]
MICHAEL ADAM SMITH 213.629.7501 Senior Director [email protected]
SCOTT M. SWANSON 213.629.7537 Senior Vice President [email protected]
SUSAN TAKANO 213.629.7520 Administrator [email protected]
TRACI A. TOROK 213.629.7533 Marketing Coordinator [email protected]
FRANKLIN E. ULF 213.629.7515 Chairman Emeritus [email protected]
TODD J. WALKLETT, CFA 213.629.7502 Managing Director [email protected]
KIM E. WILKINSON 213.629.7509 Managing Director [email protected]
SUSAN A. WOLF, ESQ 213.629.7503 Senior Director | Business Development Officer [email protected]
Downtown Los Angeles, digital image
Stuart Westmoreland, Los Angeles Palms, digital image
601 South Figueroa Street, Suite 2000Los Angeles, California 90017 | 213.629.7500
Walter Bibikow, Walt Disney Concert Hall, digital image
John Kilduff, Mulholland View, oil on canvas, 24 x 48 in.
“Wealth is the ability to fully experience life……”-Henry David Thoreau
“Wealth is the ability to fully experience life……”-Henry David Thoreau
