FMI International

In 1980, in Milwaukee, Wisconsin, Ted Kellner and Patrick English established Fiduciary Management, Inc., or FMI. They launched with a clear playbook: an independent money management firm dedicated to a disciplined, value-investing approach. The core idea was simple – find good businesses and buy them at a discount, a strategy rooted in deep, fundamental research. FMI built its business away from the major financial hubs, managing money for a range of clients from institutions to individual investors through separately managed accounts and its own family of mutual funds. This steady approach allowed the firm to grow significantly, becoming one of the largest independent investment managers in its region. The firm's journey wasn't one of venture capital rounds or a splashy public offering, but of compounding capital and reputation over decades. More recently, the firm has navigated the challenges common to active value managers. After reaching a high of around $25 billion in assets under management, the firm has seen that figure decline to around $13.7 billion by mid-2025, reflecting shifting market dynamics and performance pressures. Founder Ted Kellner has since retired from his CEO role, and his co-founder Patrick English began stepping back from daily investment duties in 2025, marking a long-planned leadership transition for the firm that has endured for over four decades.