White Pine Capital LLC (Minneapolis)

White Pine Capital LLC is a large advisory firm based in Minneapolis. It manages $312.71 million of regulatory assets for 323 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of California, Florida, Minnesota, and 4 other states.

White Pine Capital provides portfolio management for individuals and small businesses and portfolio management for businesses and institutional clients. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

White Pine Capital: assets under management

The assets under management (AUM) of White Pine Capital LLC is $312.71 million. The firm's AUM has gone down by -25% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $312.67 million in discretionary accounts and $43.93 thousand in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $971.01 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $43.93 thousand.

White Pine Capital has custody of $42.62 million in cash and securities for 14 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 68% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 10% of the firm’s portfolio. Investments in investment grade corporate bonds form 6% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay White Pine Capital LLC for their services and products based on a percentage of assets under management and fixed fees. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients White Pine Capital serves?

The firm provides services to individuals, high net worth individuals, and pension and profit sharing plans. The largest group of clients of White Pine Capital is high net worth individuals with 62 clients and $251.77 million of assets under management. Among the 11 most similar advisory firms, White Pine Capital has the 6th highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $286.14 million for 84 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

White Pine Capital also advises several private funds. Namely, one hedge fund. The minimum investment commitment required of non-related persons is $500,000 for each fund.

Careers at White Pine Capital LLC

The company employs 9 people that are either part- or full-time employees. 44 percent of the employees work as investment advisers or researchers. 4 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Michael Scott Wallace has served as the Chief Investment Officer since 1 Oct 2001. Dennis Lee Senneseth joined the executive team most recently as the President, Principal.

Direct owners and executive officers

Based in Minneapolis

The principal office where White Pine Capital LLC performs its advisory services is located at 120 South 6 Th Street, Minneapolis, MN 55402, which is also the mailing address of the firm. An additional office of the firm is in Philomont, VA. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 612-376-9765 or by fax 612-376-2999. The normal business hours are 8:30 am - 4:30 pm on Monday - Friday. You can find more information about the New York firm at whitepinecapital.com.

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