Franklin Square Hires Matt Malone for Due Diligence
Former Snyder Kearney, LLC partner, Matthew Malone, has joined Franklin Square Capital Partners (Franklin Square) as Vice President of Due Diligence. In this new role, Malone will assist due diligence firms and independent broker dealers (IBDs) conduct their reviews of Franklin Square’s investment offerings.
As a partner with the law firm Snyder Kearney, LLC, Malone provided due diligence reports to IBDs and registered investment advisors on alternative investments including business development companies. He joined Snyder Kearney in 2005 after earning his JD from the George Washington University Law School. Malone has a BA in economics from the University of Maryland College Park and is also a CFA charterholder.
“We place a lot of emphasis on transparency and educating independent broker dealers and registered investment advisors on how our funds fit into their practices,” said Michael C. Forman, Chairman and CEO of Franklin Square Capital Partners in a statement. “Matt’s specialized expertise will be invaluable to us and our partners, and we’re excited to have him lead our due diligence efforts.”
On March 10, 2014, RCS Capital Corporation announced the creation of a new division, SK Research, to be lead by Todd Snyder and John Kearney, Malone’s previous partners at Snyder Kearney, LLC, a former law firm and provider of third party due diligence on alternative investments for IBDs.
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Most of the 20 or so Snyder Kearney staff will become part of SK Research. Malone, who spent about eight and a half years with the law firm, was ready for a new challenge.
“I have deep respect for Todd and John and the business they have built. I was simply ready for a new challenge and believe Franklin Square presents that opportunity,” said Malone in an email.
Franklin Square has had a huge impact in a short time on the direct investment industry. Born in 2007, they launched the industry’s first non-traded Business Development Company (BDC) in 2009 and set out to be a leader in best practices with a focus on transparency and putting investors first.
Malone commented, “Franklin Square has a proactive culture built around transparency and education. It has been a helpful partner to its broker-dealer clients, providing research and responding openly to due diligence requests. I hope to use my experience to enhance these efforts and make Franklin Square even stronger in this regard.”
In addition to working with IBDs, Malone will also assist third party due diligence firms, potentially including SK Research.
“Given my prior experience, I think I bring unique insight into the third-party due diligence review process. My vision is to continue Franklin Square’s established efforts to provide exceptional service to these firms, and further streamline the review process for them,” added Malone.
Malone is most likely hard at work as Franklin Square’s FS Investment Corporation III recently announced it has satisfied the minimum offering requirements.
