After a rebranding and restructuring, Wilshire Advisors has promoted its president and deputy CEO Jason Schwarz to CEO. He succeeds Andy Stewart, who will become executive chairman.
Schwarz said in a statement that he’s looking to expand the firm’s offerings and build on Stewart’s legacy, while working to deepen client relationships. Meanwhile, Stewart said that appointing Schwarz CEO “is a natural and exciting next step in our evolution that aligns with the path we’ve set for the future.”
As executive chairman, Stewart will provide the executive team with strategic guidance on the firm’s long-term vision, M&A, and growth initiatives.
Schwarz has been with the advisor and OCIO provider since 2005. As president and deputy CEO, he oversaw all facets of growth and execution across Wilshire’s business.
Wilshire has also made some other additional leadership changes. Hanna Valva and Jason Hubschman will become co-chief operating officers, succeeding Scott Condron, who will be an advisor before retiring later this year. Valva will continue as chief technology officer, while Hubschman will continue to co-lead the alternative managed account business.
Wilshire managed $123 billion in assets as of December. It advised on more than $1.5 trillion in client assets during that time.
After being acquired by CC Capital and Motive Partners in January 2021, Wilshire rebranded, restructured, and expanded under new leadership. Over the course of 2022, the firm integrated previously separate business lines, launched new indices (now spinning off as a separate entity), and modernized its technology.
Wilshire aims to grow globally, especially in private markets and OCIO services. In 2023, when Schwarz was deputy CEO, he said that while “Wilshire was not known for M&A,” that “has changed and will continue to change,” signaling more acquisitions ahead in tech and Europe.
