Hardesty Capital Management announced Tuesday that company co-founder James D. Hardesty retired after a 45-year career as an investment manager.
Hardesty, who had served as board chairman, market strategist and chief economist, oversaw the Hunt Valley-based firm's growth to nearly $1 billion in assets under management. He retired April 15 and will serve as chairman emeritus.
Before he co-founded the independent investment firm in 1995 with V. Randolph McMenanmin, Hardesty had been chief investment officer and executive vice president at Mercantile Safe Deposit and Trust Co. He's known for expertise in American economic history and the petroleum, energy and healthcare industries.
Hardesty said it's time to bring in a new generation of leadership.
"The firm's assets under management are at record levels and virtually all of our financial metrics are in new high territory," Hardesty said in the announcement, adding that he wanted to make way for a new generation of leaders.
Chad Meyer will continue as president and managing partner. Rick S. Rubin, a former senior investment advisor at PNC Wealth Management, has joined the firm as a senior vice president and portfolio manager.