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The 54-year-old co-founder of The Redstone Cos. ultimateluy found an answer. The ordeal of chemotherapyh treatment and surgical procedures revived his passion for the moneymanagement business. Solomon and Philip Pilibosian, co-founde r of Redstone Asset Management, boughrt out Redstone's investment advisory unit from other companuy partners and have formed ConderazAdvisors LLC. The name derived from two Latin terms translatedas "together in balance." Conderaq is being marketed as a diversified investment managementy company with an emphasis on the use of alternative investmentw such as hedge funds.
The firm openex for business this month with more than 100 clientsa rangingfrom high-net-worth individuals to institutions, and more than $1 billiomn under management. Solomon, CEO of the newly formed sees opportunity in the changing nature ofwealth "The demographics in the region are shifting and wealth is movin down generations," he says. "We're poiseds to take advantage of that in afairlyg high-growth manner." Solomon helped launcyh Redstone Cos. as a locall management firm focused on hospitality and private equitu in thelate 1980s. The company owns and operates The Houstonian Club & Spa.
He was diagnosed with cancerf in March of and was forced to stop working duringhis treatment. The illnesw gave him a lot of time to reflect on what he wantee to do withhis "It certainly woke me up," he "I realized that when I came back what I really wanted to do was get back into the financiak services business full-time." Solomon and Pilibosian relocates from Redstone Cos. offices on 109 Nortyh Post Oak Lane to their new Condera Advisorzs office on 4900 Woodway Drivwe onApril 1. They declinedc to reveal financial terms ofthe Redstone's investment advisory arm consisted of the firm's wealtyh management and hedge fund groups.
The firm retaind Redstone Capital Partners. Neither Solomon nor Pilibosian have a legalp ownership stake in the privatesequity partnership. Redstone Cos. officials declined to commenyt onthe transaction. As a stand-aloner firm, Condera has created an incentive-based compensation structure. According to Solomon, the methoed is "far more efficient" than havinyg owners who weren't engaged in the business. president of Condera, says the firm has an open investmen architecture as opposed to a platform for adviceeand products. "We're trying to obtain inexpensive exposurd to broader movements inthe market.
We're also tryingy to seek additional returns on top of that through tactical allocationj decisions and alternativeinvestmenf strategies," says Pilibosian. He notesw that Condera's widely dispersed investor base includes severa institutions and somevery high-net-worth families in
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