The newsletter discusses quarterly investment performance and market outlooks across various asset classes. It provides commentary from investment managers on the performance of equities, fixed income, and specific funds. It also discusses using target date ETFs and the Lyrical U.S. Value Equity Fund as part of a blended bond strategy and highlights their differentiated investment approach.

1. INSIGHTS
FALL 2013
Message from the
Managing Partner
Telemus Q3 2013 Global
Outlook
Equities
Fixed Income
Fund Spotlight: Lyrical
Asset Management
Telemus Wealth
Advisors
Telemus in the News
Welcome to the Fall edition of our quarterly newsletter Insights. In
these informative pieces you’ll hear from us, and others, regarding
the current market environment as well as a variety of other
investment and financial topics.
In this issue you’ll hear Jim Robinson, CIO and CEO of Robinson
Capital Management, review the past quarter’s broad investment
performance. Evercore Wealth Management, the sub-advisor
of our core equity strategy, will comment on this past quarter’s
performance. Charlene Reardon, the co-manager of our core
taxable bond strategy, will discuss the use and benefits of target
date ETFs. Andy Bass, our Chief Wealth Officer, will review year-end
tax planning considerations. Finally, Andrew Wellington, portfolio
manager of the Lyrical U.S. Value Equity Fund which is one of our
equity holdings, will discuss the fund’s third quarter performance.
As we move through the final quarter of 2013, politics in Washington
have once again taken center stage. The almost forced shutdown
of the government in early October temporarily put the U.S. equity
markets back on their heels providing a much needed rest for
stock prices after a dizzying ascent for most of the year. The bond
market rallied as nervous investors sought shelter from the chaos
in the relative safety of the U.S. Treasury market, despite a potential
default. After a lot of back and forth posturing an agreement was

2. A Message From The Managing Partner
reached avoiding a shutdown of the government and a default by
the U.S. on their debt. As a result, the equity markets have rallied
back to above where they were before this whole mess started. The
bond market has continued to rally on the back of some weaker
economic news bringing the yield on the 10 year Treasury Bond
back down to about 2.5% again.
All the turmoil created by this political crisis reinforces our approach
to investing. As we’ve often said at Telemus, we’re in the keep rich
business not the get rich business. Our strategies are designed to
protect wealth in uncertain times like these. We’ll continue to stay
focused on what’s important and not let ourselves, or our clients,
get caught up in the noise being generated from Washington.
Gary Ran
Chairman and Partner
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Telemus Capital | Fall 2013

3. Telemus Q3 2013
Global Outlook
Provided By Jim Robinson, Robinson Capital Management
The third quarter proved to be a good
environment for investors in most asset classes.
While domestic taxable bonds returned 0.5%,
and investment grade municipal bonds returned
0.7%, the global taxable bond market returned
an exceptional 2.8%. The stock market provided
the best returns though. The S&P 500 returned
5.2% for the third quarter, emerging market
stocks returned 5.9%, frontier market stocks
returned 6.3%, and developed international
stocks returned 11.7%. Smaller company stocks
were the star performers as domestic small-cap
stocks returned 10.2% and their counterparts
in developed international markets returned
a hefty 15.6%. The losers for the quarter were
the more defensive and higher yielding hybrid
equity securities like REITs (down 3%), preferred
stocks (down 2.2%) and energy infrastructure
MLPs (down 0.7%). High yield municipal bonds
(down 3%) were the hardest hit bond sector
due to the uncertainties surrounding the Detroit
bankruptcy.
not have a huge impact on overall GDP growth.
Failure to make good on our debt obligations,
which we would still place a very low probability
of happening, would be a disaster that would
likely impair GDP growth and the markets for
some time to come.
While the end result was positive the road to it
was a little bumpy. Most stock and bond markets
struggled during August as investors grappled
with the potential for another military action in
the Middle East (Syria), the Federal Reserve’s
pending tapering of bond purchases (quantitative
easing), speculation regarding Federal Reserve
Chairman Ben Bernanke’s successor and the
coming showdown in Washington over the
nation’s debt ceiling. Fortunately, the Syrian
situation was resolved peaceably, the Fed decided
to postpone tapering, and Larry Summers
removed his name from consideration as the next
Fed chief, leaving Janet Yellen, the current Vice
Chair of the Federal Reserve, as the likely heir
apparent. That removed sufficient uncertainty
to allow the global market rally to resume. The
debt ceiling debate still hasn’t been resolved.
The government shutdown, while devastating
to those whose jobs have been furloughed, will
Most of the market’s headwinds of uncertainty
have been removed; but, the one really big
headwind remains—a resolution to the debt
ceiling debate.
The global stock market is
poised for one more leg up—we have breadth
(the developed international markets began to
outperform last quarter), we have depth (smalland mid-cap stocks are outperforming their larger
brethren in all developed markets, and in the
domestic market we are starting to experience
price-to-earnings multiple expansion. A timely
(within the next couple weeks) resolution to the
debt ceiling debate will allow the rally to continue.
If it drags on too long it will eventually have a
detrimental effect on the economy, markets and
investors’ psyches.
Most of our client’s portfolios experienced strong
absolute returns for the quarter but we did lag
benchmarks somewhat on a relative performance
basis. Much of this is by design as we seek to
keep up in strong markets but give it back more
slowly in weak markets. It was predominantly
our non-traditional investments that caused
the biggest drag on relative returns. As noted
above, real estate investment trusts (REITs),
energy infrastructure master limited partnerships
(MLPs) and preferred stocks were the losers for
the quarter. While we much prefer to have all
winners, we are comforted in knowing that these
more defensive positions should outperform in
any market pullback.
We remain committed to our mandate to build
the least risky portfolios necessary for our clients
to achieve their financial goals.
Telemus Capital | Fall 2013
|3

4. Equities
Provided By Timothy Evnin, Portfolio Manager, Evercore Equities
Year to date through the 3rd quarter of 2013, the
Partners’ Account is up 26.63% versus the S&P
500 return of 19.79%. For the 3rd quarter, we
garnered a return of 8.80% versus 5.05% for the
S&P 500.
portfolio. However, American Tower completed a
recent acquisition that we believe will cause both
earnings and stock price to increase while Apple
continues to be an underappreciated company
and a good value at current prices.
After the 2nd quarter, we expressed some
concern over the coming summer months and
the potential for volatility. July turned out to be
a positive month, followed by a down month in
August and a nice rebound in September.
We did not make many changes to the portfolio
in the third quarter. As indicated in our note on
August 12th, we sold ExxonMobil in mid-August
as the company continued to underperform
our expectations. Other modest changes were
previously communicated and included a trim of
Western Digital and Blackstone and additions to
AutoNation and AMC Networks.
Year to date, Blackstone, Western Digital
and Rock-Tenn continue to provide the most
significant contributions to return on the
portfolio. Although Rock-Tenn has dropped 20%
in the past two weeks, we continue to like the
progress at and outlook of the company.
Year to date, American Tower Corp and Apple
continue to be the largest detractors in the
While the current situation in Washington is
a distraction, we are more focused on our
companies’ upcoming earnings reports and look
forward to communicating any resulting changes
in our outlook.
Telemus Capital, LLC (“Telemus Capital”) and Evercore Wealth Management, LLC (“Evercore”) have entered into a subadvisory agreement whereby Evercore makes its Core Equity Strategy available to Telemus Capital clients. As of August
30, 2013, the core equity portfolio offered by Telemus Capital to its clients has an estimated 80% overlap to the Evercore
Equity Strategy. This overlap is subject to ongoing changes based on investment decisions by both Evercore and Telemus
Capital portfolio managers.
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Telemus Capital | Fall 2013

5. Fixed Income
By Charlene Reardon, Taxable Fixed Income Portfolio Manager / Senior Advisor
Target maturity corporate bond exchange
traded funds (ETF’s) offer an innovative way to
obtain fixed income exposure. At Telemus, we
have integrated these funds into the Telemus
Capital Blended Bond Strategy (formerly known
as Beacon Blended Fixed Income Strategy). It
is beneficial to understand the key attributes of
these investments that we believe complement
our client portfolios.
Briefly, let’s first review some features of a
traditional corporate bond. A corporate bond is
a debt security issued by a corporation and sold
to investors. The backing for the bond is based
upon the payment ability of the company. The
key variables of an individual corporate bond
include credit quality, coupon, yield-to-maturity,
liquidity and the maturity date of the bond. In
the Telemus Capital Blended Bond Strategy,
we evaluate the credit worthiness of each issue
we are considering adding to our taxable fixed
income portfolio. Once a corporation or issuer is
selected, we then review the available outstanding
debt from the selected company—choosing the
most strategic combination of coupon, yieldto-maturity, size of issuance and maturity date
to complement our bond portfolio.
Barring
any defaults, the maturity date represents the
discrete day the loan will be repaid by the issuing
company.
The selection of an individual corporate bond
into an investment portfolio is paramount as
an individual bond portfolio generally has more
concentrated exposure to the respective issuers.
For this reason, we thoughtfully assemble a
variety of issuers as to properly diversify the
asset class. Further, the maturity date and the
cash flow generated from the bond’s coupon are
factors in the duration of each bond in our fixed
income portfolio. Duration is a measurement of
interest rate sensitivity influencing the value of
the bond(s) held in the portfolio. As U.S. Treasury
interest rates move higher, for example, the value
of the bond decreases due to the inverse nature
of the relationship between interest rates and
bond prices. Through this selection process, we
build diversified, liquid, individual bond portfolios
with permanent and discrete securities; these
features enable us to manage credit risk and
interest rate risk through duration. In conclusion,
a traditional bond offers customization of credit
exposure, precision in the ability to manage
interest rate risk through duration, and finally a
return of investment capital.
On the other hand, it is perceived that the best
features of a traditional bond fund are both
enhanced liquidity and diversification. Unlike
an individually managed bond portfolio, a
traditional bond fund is at a disadvantage due
to other defining features. These features are
often explained in the fund’s prospectus which
delineates the guiding rules and principles with
which the fund is managed. The most prominent
of these features lie with the benchmark index
construction which influences the perpetual
nature of a bond fund’s duration.
Most traditional bond funds are modeled off of a
“rules-based” benchmark index. One such rule is
the minimum maturity rule. This rule essentially
forces the index to turn over bonds one year prior
to maturity rather than wait for them to redeem
at maturity. Additionally, liquidity rules force
the traditional index (and, thus, the bond fund)
to sell bonds when they are less liquid or have
reduced their outstanding issuance (through a
management buy back, tender or early call)—
most likely forcing the index to buy additional
bonds with a less favorable yield-to-maturity. The
added selling pressure in the market that occurs
when these circumstances arise depresses the
value of the exiting bond further. According to
a study in 2011, Ng and Phelps determined that
an investment grade corporate index that held
bonds to maturity and did not remove less liquid
bonds would outperform an otherwise identical
traditional index.1
The additional shortcoming of the traditional
bond fund is that they mirror the duration of a
benchmark index which is perpetual or constant
in nature. In other words, if the benchmark index
duration is four years, the traditional bond fund’s
duration will also be four years and it seldom
deviates from that duration over time. As many
traditional bond funds are actively managed, the
managers are hamstrung in a rising interest rate
environment to abide by the benchmark index.
Telemus Capital | Fall 2013
|5

6. A traditional bond fund will experience the same
fate of the benchmark index. For example, the
bond fund will decrease in value as interest
rates rise. The constant duration feature of the
traditional bond fund reduces the ability to
manage the interest rate risk of a fixed income
portfolio.
However, what if you could combine all of the
best features of an individual bond with the best
features of a traditional bond fund? With the
advent of the target maturity corporate bond
ETF’s—you can.
Target maturity corporate bond ETF’s are bond
funds that act like individual bonds. They are
passively managed strategies that have a set
maturity date, just like an individual bond. They
deliver a bond-like performance experience and
provide extensive diversification. Targeted bond
funds offer an easy, inexpensive, and efficient
way to access the bond market.
In our actively managed Blended Bond Strategy,
we have found target maturity ETF’s to be
a useful tool to integrate into our separately
managed bond portfolio. Specifically, we have
incorporated targeted maturity high yield
BulletShares® into our managed portfolios; these
targeted funds offer the liquidity and extensive
diversification of the high yield asset class to our
existing blended bond strategy with a targeted
maturity date offering an individual bond-like
performance experience.
The index behind the BulletShares® was designed
by Accretive Asset Management beginning in
2010, specifically to include the best features of
an individual bond and traditional bond fund.
BulletShares® are now available from multiple
financial institutions capturing investment
grade credit quality or high yield credit quality
market exposure. BulletShares® are structured to
represent the performance of a held-to-maturity
portfolio of U.S. dollar–denominated corporate
bonds with effective maturity dates.
For more information on this topic or the Telemus
Capital Blended Bond Strategy, please contact
your advisor.
Customization
Precision
Greater
Diversification
Greater
Liquidity
Return of
Capital
Investment
X
X
X
X
X
Traditional
Fixed Income
Funds
X
X
Active
Fixed Income
Mutual Funds
X
X
Closed-End
Funds
X
X
Target
Maturity Bond
Funds
Individual
Bonds
X
X
1) Ng, Kowk-Yen and Bruce D Phelps “Capturing Credit Spread Premium” FAJ Vol 67, Number 3 2011
BulletShares® is a copyright © 2012 by Accretive Asset Management LLC. All rights reserved.
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Telemus Capital | Fall 2013
X

7. Fund Spotlight: Lyrical U.S. Value
Equity Fund
By Andrew Wellington, Portfolio Manager, Lyrical Asset Management
We believe our strategy and approach to
investing differentiates us from other investment
managers, even those that share a value approach
to investing. We are deep value investors and by
this we mean that we look to invest in companies
that trade significantly below intrinsic value. This
separates us from other value managers who
focus on relative value or core value approaches
and whose portfolio characteristics have higher
P/E, P/B and P/CF multiples. We asses valuation
based on current price relative to long-term
normalized earnings, which contrasts us to those
that rely on P/B or dividend yield. We only invest
in quality business that we believe should earn
good returns on invested capital, and avoid
volatile businesses and companies on excessive
leverage. Other value investors will consider
owning any business regardless of quality if
they believe the price is low enough. But, we
will only invest in businesses of adequate quality.
We invest only in business we can understand,
and avoid those that are excessively complex or
require specialized technical knowledge, even
though they may appear cheap from a high-level
perspective.
We construct our portfolio purely bottom up and
without regard to what is or is not contained in a
benchmark. We are concerned with concentration
risk, and have strict limits on how much capital
can be invested in any one position or any one
industry. Our portfolio is constructed to be
balanced and diversified across 30-40 positions,
giving us exposure to many different types of
companies and situations without sacrificing our
strict investment standards.
Since its launch on February 4, 2013, the Lyrical
U.S. Value Equity Fund (LYRIX) has produced a
total return of +15.9%, compared to the +9.9%
total return for the S&P 500 for the period ended
May 31, 2013.
In analyzing our portfolio’s performance
attribution, we find it helpful to examine both
the investment success rate and any skew in the
distribution of returns. Our success rate has been
high over this period, as 92% of our investments
posted gains, and 78% outperformed the S&P
500. Skew has also been a positive factor, as our
outperformers have outperformed by 14% while
our underperformers have underperformed by
9%.
During this period we sold four positions, as
one company announced it was being acquired,
two approached their fair value, and for one
we lost conviction in our thesis. For each sale
we added a new position from our pipeline of
opportunities. We are still finding attractive
stock opportunities to add to the portfolio,
even as some of our existing positions begin to
approach our estimates of fair value. It is getting
harder to find these opportunities, but the ones
we are finding offer as much upside as the stock
we currently own.
Telemus Capital | Fall 2013
|7

8. For September 2013, the U.S. Value Equity composite gross return was +5.1%, compared to the +3.1%
return for the S&P 500 Index.
2009
2010
2011
2012
2013
ITD
U.S. Value Equity (Gross)
+80.0%
+25.2%
-0.2%
+19.7%
+37.0%
+268.7%
U.S. Value Equity (Net)
+68.3%
+22.4%
-1.0%
+18.8%
+33.1%
+222.9%
S&P 500 (Total Return)
+26.5%
+15.1%
+2.1%
+16.0%
+19.8%
+106.5%
+4,180 bp
+730 bp
-310 bp
+280 bp
Relative Performance (Net)
Outlook
Continued stock price gains in excess of earnings
growth have pushed the valuation of the S&P 500
to 15.5x trailing twelve months earnings. While
this is above the 14.5x average observed over
the last fifty years, we do not think this excess is
material enough to be a significant headwind to
future returns.
On a forward basis, our composite portfolio has
a valuation of 11.5x next twelve months earnings.
+1,330 bp +1,640 bp
The S&P 500 has a valuation of 14.2x on the same
basis, a premium of over 23%. The discounted
valuation of our portfolio prevails even though
growth estimated for the S&P 500 lag those of
our portfolio, at 8.3% versus 9.1%.
As always, we invite you to contact us with
questions or to request additional detail on the
portfolio. Thank you for your continued trust
and interest in Lyrical Asset Management.
Telemus Wealth Advisors
By Andrew Bass, CWM, CPA Chief Wealth Officer and Senior Advisor
As we start the final quarter of the year we hope that everyone has been working with their tax
advisors to plan for the end of the first full year under the revised tax laws. The following are a few
of the new tax provisions that need to be considered and analyzed so as to be optimally situated.
Tax rates have a better level of certainty now than at this time last year which will allow for better
multiyear planning.
Tax Provisions That Took Effect in 2013
• For 2013, a new high income tax rate of 39.6% is imposed on taxable incomes over $450,000
for those filing jointly, or $400,000 for those filing individually. In addition, the existing
tax brackets have been slightly widened. Planning: Taxpayers approaching the highest tax
brackets may want to consider deferring income if they will be in a lower bracket in 2014.
• The new 3.8% net investment income (NII) surtax took effect this year. This impacts taxpayers
who have investment income and have adjusted gross income (“AGI”) over $250,000
joint/$200,000 single. Planning: Taxpayers close to the NII thresholds of total income
should consider strategies regarding timing of total income and realization including loss
harvesting to minimize the impact of the surtax. Deferral strategies including maximization
of retirement plan contributions or tax exempt income should also be considered.
• Taxpayers in the top tax bracket of 39.6% will have their qualified dividends and long term capital
gains taxed at 20% versus 15% or less. In addition, they will be subject to the 3.8% NII. Note that the
holding period requirements in order to have a dividend deemed qualified remain in effect (generally
held for at least 61 days out of the 121 day period that begins 60 days before the ex-dividend date).
8|
Telemus Capital | Fall 2013

9. Planning: This 2013 change is another example of why it is preferable to avoid being in the 39.6%
tax bracket, why it is important to consider income shifting strategies and to take care to consider
the impact of short term trades and the effect on treatment of dividends. For taxpayers with total
income less than $72,500 joint / $36,250 single, dividends and LTCG are potentially not taxed
at all. Therefore, if possible, taxpayers should consider strategies to stay beneath this threshold.
• 2013 is the last year for taxpayers over 70 ½ to exclude up to $100,000 of their “qualified IRA
charitable contributions” from income. A qualified charitable contribution is a distribution from
an IRA that is paid directly to a qualified charity before January 1, 2014. This distribution could
also meet the taxpayer’s annual required minimum distribution requirement. Planning: Taking
advantage of the qualified IRA charitable contribution before it is eliminated is one method to avoid
income that could otherwise impact taxation breakpoints as noted above while simultaneously
satisfying a charitable desire and meeting minimum annual distribution requirements.
• Starting in 2013, taxpayers whose income is over $300,000 joint/$250,000 single will have their
itemized deductions limited based on 3% the excess of their AGI over the threshold. Planning: Timing
strategies for income and deductions should be considered based upon which year is more optimal.
• Alternative Minimum Tax (AMT) has been made permanent and indexed. The confusing matter is
that the NII surtax is not considered when calculating AMT, thus higher income taxpayers could
be paying tax under the AMT rules and still owe the NII surtax. Both the AMT and the limitation on
itemized deductions can severely reduce the benefits of many deductions including investment
fees, taxes and other deductions. Planning: Consideration needs to be taken regarding the timing
of certain expenses if the AMT is applicable.
Other Changes of Note:
• In 2013 the annual gift tax exclusion has increased from $13,000 to $14,000.
• The estate and gift tax exemption has increased to $5.25 million.
• An additional 0.9% Medicare tax applied to wages and self-employment income over $250,000
joint/$200,000 single.
For many of the 2013 tax changes, it is important to maximize the use of income deferral techniques
such as maximizing qualified plan contributions. In a similar vein, the timing of stock option income
recognition is critical as it may have a significant impact on tax planning in the current year and
in future years. Deferring income via installment sales or like kind exchanges (if appropriate) may
also be a good strategy if a lower tax bracket is expected in coming years. It is important to meet
with your financial advisors to discuss the implications of the 2013 tax changes and to implement all
strategies available for optimal tax planning.
Telemus Capital | Fall 2013
|9

10. 25
DOCUMENTS YOU NEED
BEFORE YOU DIE
Design your death dossier soon or you could be setting up
your heirs for frustration and financial pain.
MARRIAGE and DIVORCE
LIFE INSURANCE and RETIREMENT
&
• Life Insurance
Policies
• Individual Retirement
Accounts
• 401(k) Accounts
• Pension Documents
• Annuity Contracts
• Marriage License
• Divorce Papers
HEALTHCARE CONFIDENTIAL
• Personal and Family
Medical History
• Durable Healthcare
Power of Attorney
• Authorization to
Release Healthcare
Information
• Living Will
• Do-Not-Resuscitate
Order
BANK ACCOUNTS
• List of Bank Accounts
• List of All User Names
and Passwords
• List of Safe-Deposit
Boxes
PROOF of OWNERSHIP
• Housing, Land and Cemetery Docs
• Escrow Mortgage Accounts
• Proof of Loans Made and
Debts Owed
• Vehicle Titles
• Stock Certificates, Savings
Bonds and Brokerage
Accounts
• Partnership and
Corporate Operating
Agreements
10 |
Telemus Capital | Fall 2013
THE ESSENTIALS
• Will
• Letter of
Instruction
• Trust Documents

11. Telemus in the News
Telemus Plans Growth with Stake Sale to Focus, Printed in Crain’s Detroit Business, Aug. 11, 2013
Southfield-based Telemus Capital Partners LLC
plans to use capital from the sale of a minority
stake of the firm to New York City-based Focus
Financial Partners LLC to fund the acquisition of
other Michigan investment advisers.
Focus, one of the largest groups of independent
wealth management companies in the country
with more than $60 billion under management,
has invested an undisclosed amount in Telemus
in exchange for the minority stake, company
executives told Crain’s last week. Telemus, in
turn, has secured an undisclosed share in Focus.
Telemus, with assets under management of more
than $2 billion, will continue to operate under the
direction of its current partners while securing
access to capital and expertise in areas such
as marketing, technology and growth-oriented
operations, said Chairman and Partner Gary Ran.
Being able to remain an Independent firm while
tapping Focus’ expertise and new investment
made the deal attractive for Telemus, he said.
Telemus plans to use the new capital to pursue
acquisitions of other registered investment
advisers in Michigan, among other things.
“We want to be a consolidator. There are a lot of
(registered investment advisers) we want to talk
to,” Ran said.
Telemus is also looking for opportunities to add
asset managers to improve its clients’ experience,
said Partner and Senior Adviser Lyle Wolberg.
Specific headcount increases aren’t yet known.
Ran, Wolberg and Partner/Senior Adviser Bob
Stone, all former Merrill Lynch and UBS Financial
Services executives, were among the founders of
Telemus when it launched in 2005, with about
$1.2 billion in assets under either advisement or
in active management.
Today, Telemus also counts Mary Bakhaus and
Joshua Levine as partners, employs 10 advisers,
and manages more than $2.2 billion in assets for
high-net-worth individual clients and institutions,
Wolberg said.
Focus CEO Rudy Adolph said his group was
attracted by Telemus’ position as one of the
leading wealth management firms in the country,
along with its client-centric focus. “We believe
it’s a very scalable model,” he said.
Focus, which has invested in 25 other independent,
U.S. wealth management companies and one in
Manchester, England, did not pursue majority
control in the Telemus deal, Adolph said.
“The golden rule in the partnership model is you
never turn an entrepreneur into an employee,”
he said. “We invest, ultimately, in the people who
run the business.”
The companies aligned with Focus collectively
manage well over $60 billion in assets. Crain’s
New York Business reported 2011 revenue of
$179.6 million. They provide wealth management
services, and benefit and investment consulting
services, to individuals, families, employers and
institutions. The deal between Telemus and Focus
was more than seven years in the making. Focus
first approached Telemus in the fall of 2005, Ran
said, but Focus’ model wasn’t fully developed at
that point, and Telemus was just starting out.
What finally spurred Telemus to agree to align
with Focus? Finding capital has been more and
more difficult since 2008, Wolberg said.
Telemus’ partners also got the chance to watch
how Focus developed its business, Ran said. “It
was an unproven formula; now it’s proven,” he
said.
Focus’ investment in Telemus shows not only a
vote of confidence in the local company itself,
but in the growth potential for the Midwest and
Michigan, said David Sowerby, portfolio manager
in the Bloomfield Hills office of asset manager
Loomis Sayles & Co. LP.
The metro Detroit financial services and
investment market is a potential growth industry
relative to where it was 20 years ago, he said,
adding that the market is “more fragmented
than not.”
“There’s growth potential via acquisitions (and)
via individuals wanting to do business with
people they see at the local grocery store ... or
run into at a baseball game, instead of someone
who parachutes in from New York,” Sowerby said.
Telemus Capital | Fall 2013
| 11

12. southfield, michigan
two towne square, suite 800
southfield, michigan 48076
248.827.1800 phone
248.827.1808 fax
ann arbor, michigan
110 miller avenue, suite 300
ann arbor, michigan 48104
734.662.1200 phone
734.662.0416 fax
800.827.3519
telemuscapital.com