A version of this article previously ran in Financial Advisor IQ sister publication Ignites.

Dynasty Financial has taken a stake in a boutique asset management firm overseeing $389 million and tapped that firm's chief executive to oversee relationships with asset managers for its own outsourced investment management program, the firm announced Thursday.

Bob Shea, who was most recently chief executive of FCF Advisors, started his new position last week as Dynasty’s chief investment strategist, a company spokesperson said. The position is newly created. Shea reports to chief operating officer Ed Swenson.

In his new role, Shea is responsible for overseeing and growing Dynasty’s outsourced chief investment officer program as well as the firm’s investment committee, the announcement says. He also oversees the firm’s asset allocation and investment manager selection.

Shea shed the role of CEO at FCF Advisors but remains in his roles as chief investment officer and portfolio manager, confirmed Derin Cohen, the firm’s chief compliance officer. The firm has not appointed a new CEO.

Shea is listed as a manager of the firm’s two active ETFs, the FCF US Quality ETF, with assets of $160 million, and the FCF International Quality ETF, with assets of $43 million, a prospectus shows.

The US Quality ETF bled $11 million during the 12 months ended October 31. The International Quality ETF leaked $22 million during the same period.

Dynasty outsources investment management capabilities offered through its investment committee, according to the disclosure. The company disclosure does not break out how many assets are in the outsourced investment program.

In all, Dynasty’s investment platform had $32.6 billion under advisement as of the end of the second quarter, the announcement says.

The firm has taken an ownership stake in FCF Advisors, which was formerly known as TrimTabs Asset Management, the announcement shows. The minority stake in the firm will “further deepen our investment research capabilities and resources in the OCIO space,” Swenson said in the announcement. Swenson declined to discuss the size of the minority position.

FCF Advisors spun out of TrimTabs Investment Research in 2011. The new name, announced about eight months ago, reflects the company’s free cash flow approach, the firm said at the time. FCF Advisors has a suite of core and thematic free cash flow equities ETFs, as well as an advisory and index business.

FCF Advisors is majority owned by Sausalito Partners, a Delaware limited liability company, Cohen confirmed. The firm’s advisory business had $389 million under management as of September 13, according to the disclosure.

In addition to the two actively managed ETFs that Shea runs, the firm also has three index ETFs, its website shows. The three index ETFs together have $122 million in assets.

With the partnership, FCF Advisors’ ETFs will be available on Dynasty’s investment platform, Swenson said. The platform will also offer users the ability to license some of the firm’s quantitative capabilities, he added.

Shea was appointed chief executive and chief investment officer at FCF Advisors in 2020, as reported. Earlier in his career, he spent 13 years working at Goldman Sachs. During that time, he held leadership roles including partner and co-head of cash.