Charles Brandes Takes Leave Amid Domestic Abuse Claims
The founder of a money management firm used by many financial advisors has stepped away following allegations of domestic abuse that appeared in divorce proceedings, reports FA-IQ sister publication FundFire.
Charles Brandes, the founder and chairman of Brandes Investment Partners, will take a leave of absence after his wife accused him of physical abuse, according to the publication, which broke the story internationally. The San Diego-based asset management firm, which Brandes founded in 1974, had about $31.2 billion in total assets, of which $5.6 billion were in separately managed accounts, as of the end of 2017, FundFire writes. A source familiar with the matter tells the publication that the company’s distribution staff had already started informing advisors and distributors about the divorce.
Brandes was in fact the first of the spouses to file divorce proceedings on Jan. 29, according to the publication. In a request seeking a domestic violence restraining order, Brandes claimed that on Jan. 20 his wife had hit him with a flashlight, kicked and choked him, pointed a handgun at him, sprayed him with mace and threatened to use her Central Intelligence Agency skills to kill him, according to the declaration to the court cited by FundFire. But in response, his wife requested a domestic violence restraining order against Brandes, alleging that the same night he had thrown her on the floor causing bruising and swelling to her face and injuries and bruising to her arms and legs, according to her declaration cited by the publication. The wife, whom FundFire has not identified, also claims Brandes bit her.
A spokeswoman for Brandes Investment Partners tells the publication Charles Brandes is taking time off to resolve personal matters and that Glenn Carlson, partner and former CEO of the firm, will chair the firm in the interim while current CEO Brent Woods will replace Brandes on the company’s investment oversight committee.
Lawyers for both Brandes and his wife, in response to FundFire’s requests for comments, have issued a joint statement that the parties have dismissed their claims against each other and are cooperating on a “prompt and non-acrimonious dissolution of their marriage.”
Read the full story, reported by Danielle Verbrigghe, here.