Cooper Consultants has stopped accepting new clients and will wind down operations over the next 24 months. The 6-year-old firm helps tax-exempt institutional investors evaluate investment consultants, and it developed a rating system that favors independent consultants that dont have ancillary revenues.
In a letter to contacts, Jennifer A. Cooper, principal and founder, wrote that running a project-based business caused her to split her time on developing business and servicing clients: "The pace required by these dual functions is unsustainable for any one individual for long periods of time. She added that running a business based only on project-based fees made it hard to attract senior consultants and to maintain ongoing research.
The decision to forgo revenues from consultants, brokers or money managers assured the firms independence but also hurt, she wrote. The firm is considering offering its tools and methodology free to public pension funds.