Sanctuary Wealth Services, a wealth management outsource solutions and services provider, will receive strategic funding from San Francisco-based Harvest Capital Strategies, the alternative asset management subsidiary of publicly-traded JMP Group.

“There has been a huge exodus of brokers and advisors from traditional firms over the past several years, and we believe we are in a strong position to take advantage of this continuing trend,” said industry veteran Jeff Spears, Sanctuary’s co-founder chief executive officer. “The resources and visibility of HCS and JMP should make Sanctuary’s unique platform even more appealing to breakaway brokers and other financial advisors currently working at large financial institutions.”

Independent wealth managers working with Sanctuary will be able to access JMP products and services, including the Harvest family of funds, said Craig Johnson, president of JMP Group, who will also serve on Sanctuary’s advisory board.

Founded in 2008 by Mr Spears, Randall Baum and Keith Ogden, San Francisco-based Sanctuary provides technology, expense management, accounting and other support services to registered investment advisors, independent wealth managers, family offices and self-directed individual investors. 

Mr Spears has been a wealth management executive at Montgomery Securities, Bank of America Private Bank and Presidio Financial Partners.

Mr Baum, a co-founder and director of sales for Sanctuary, was formerly the managing general partner of Exponent Capital, a San Francisco-based hedge fund, and has also worked at Morgan Stanley, Montgomery Securities and Bank of America Securities. 

Mr Ogden, a co-founder and the firm’s chief operating officer, has worked at several hedge funds and was previously the chief operating officer and a founding partner of East Avenue Capital Partners, Neuberger Berman Technology Management and Bowman Capital Management.