The development is another example of the growth story in the Dallas wealth management market, as recently chronicled by this news service.
Dallas entrepreneur and investor Greg Alexander has opened a family office, Capital 54, and appointed the former global president of YPO (formally Young Presidents’ Organization), Sean Magennis, to run it.
Magennis was recruited to grow Capital 54’s portfolio of companies and support its CEOs. He will also have responsibilities for investment sourcing, screening, and due diligence.
The office opening is another example of growth in Dallas’ wealth management industry, as covered in this recent feature.
“There are approximately two million professional services firms in the US, but 90 per cent of them never reach scale. For select firms meeting our criteria, we bring specialized management expertise, significant global relationships and growth capital, to help create enduring value for all stakeholders,” Magennis said.
The family office has made its first investment in Collective 54, a nationwide peer network of owners of professional services firms.
Magennis most recently served as the global president and chief operating officer of YPO, serving 30,000 members in 138 countries, where he was responsible for membership, learning and insights, networks, chapters and regions, events and YPO’s exclusive member forum.
At YPO, he led a globally distributed, diverse team serving CEOs with combined annual revenues of $9 trillion. Magennis began his career in South Africa with Farm-Ag Limited and Dow, one of the country’s largest producers of agricultural chemicals. He is the past international chairman of the Entrepreneurs’ Organization and was central to its North American and global expansion for more than 16 years. Magennis also serves on the board of Gateway Green Energy Holdings.