Hunt Valley, MD – Hardesty Capital Management announced the retirement of company co­founder James D. Hardesty, CFA, effective April 15, 2015. Hardesty’s decision to retire will end an extraordinary 45-year career in the investment management industry.

Mr. Hardesty served as Chairman of the Board, Market Strategist and Chief Economist. He co­founded Hardesty Capital in 1995 with V. Randolph McMenamin, CFA, Managing Director and Vice President of Hardesty Capital Management. After retiring, Mr. Hardesty now serves as Chairman Emeritus of Hardesty Capital, and he continues to serve in a consulting role mentoring young staff members.

Mr. Hardesty held numerous leadership positions in the industry prior to Hardesty Capital, including Chief Investment Officer and Executive Vice President at Mercantile Safe Deposit and Trust Company. Under his leadership at Hardesty Capital, assets under management have grown to just under one billion dollars.

In addition to his business activities, Jim sits on a number of industry and non-profit boards. He currently serves as Vice Chairman of the Board for the Harford Mutual Insurance Company. Previously, he was Trustee of LINC (Learning Independence Through Computers) as well as the Board of Family & Children’s Services of Central Maryland. He is a former treasurer and Trustee of the Walters Art Gallery and the Gilman School. He is also past President of the Baltimore Security Analysts Society. As a native Baltimorean, Jim has helped guide more than a dozen local philanthropic organizations.

Hardesty is an expert in American economic history, as well as the petroleum, energy and healthcare industries. He has been called on as an expert witness for the securities industry. Hardesty successfully completed the Chartered Financial Analyst program. He holds a Masters in Business Administration from Columbia University and a BA from Georgetown University.

“After reflecting for quite some time, I believe its time to pass the torch to a new generation of leadership in the company. The firm’s assets under management are at record levels and virtually all of our financial metrics are in new high territory. It often said it is better to leave a party too soon than too late,” states Mr. Hardesty.

“Hardesty Capital Management is well positioned for growth due to Jim’s dedication, vision and leadership over the years. It is with a heavy heart that we accept his retirement from the firm. Under his leadership, the company grew from $130 million assets under management to just under $1 billion today. We will continue to follow the value-oriented philosophy that this firm was founded on in 1995, “ commented Chad Meyer, President and Managing Partner of Hardesty Capital.

Hardesty Capital Management also announced the additions of Rick S. Rubin, CFA and Neill Peck.

Mr. Rubin joins Hardesty Capital as Senior Vice President, Portfolio Manager and member of the Investment Committee. His role will be to manage existing high-net-worth client portfolios while also increasing Hardesty Capital’s client base. Mr. Rubin will also use his experience as Co-Head of Equity Research at Mercantile Trust to actively manage the investment research process with the Investment Committee. He has worked in many leadership roles throughout his 22 years in the investment management industry. Most recently, he was Senior Investment Advisor at PNC Wealth Management where he spent twelve years working with high-net-worth clients. He also served as Senior Equity Research Analyst where he was responsible for research coverage and securities recommendations to portfolio managers. Prior to that, he spent five years at Legg Mason Wood Walker (now Stifel Nicolaus) as an Equity Research Analyst.

Mr. Rubin successfully completed the Chartered Financial Analyst program in 2000. He received his Certified Public Accountant (CPA) certificate in 1994 and his Masters of Business Administration (MBA) from Loyola University Maryland in 1998. Mr. Rubin is a member of the Baltimore CFA Society and the CFA Institute.

Mr. Peck joins Hardesty Capital as Marketing Associate and will be responsible for identifying prospects as well as other marketing efforts. Prior to joining Hardesty Capital, Mr. Peck was Client Service Associate at Morgan Stanley Wealth Management. He graduated from Denison University in 2014 and served as an intern for Hardesty Capital during summer of 2013.

“We are excited for Rick and Neill to join the team at Hardesty Capital. We have so much opportunity and will continue our growth strategy with the addition of new staff while maintaining our integrity as a value-oriented investment firm,” commented Mr. Meyer.

About Hardesty Capital Management

Hardesty Capital Management is an independently-owned investment firm with over $930 million in client assets. Founded in 1995 by Jim Hardesty and Randy McMenamin, the company takes a holistic approach to wealth management and creates customized portfolios with each client’s investment goals and risk tolerance in mind. As value investors, Hardesty Capital Management’s investment philosophy is conservative and long-term oriented.

For more information, please contact Chad Meyer at 410-400-8500 or cmeyer@hardestycap.com.

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