What BTC Capital Management does

BTC Capital Management is a privately held, fee-for-service investment management and advisory firm founded in 2003 and headquartered at 453 7th Street, Des Moines, Iowa, with a second office in Phoenix, Arizona. It operates as the investment management arm of Bankers Trust and is led by CEO Scott Eltjes, CIO Jon Augustine (40+ years of experience), and a senior team whose members average more than 20 years in the industry. Its core capabilities are organized around Equity Portfolio Management (Large Cap, Small Cap, International/ADR strategies), Fixed Income Portfolio Management (Cash, Intermediate, Core, Municipal strategies), and Global Advisory Services (asset allocation, OCIO services, unaffiliated manager due diligence, and independent investment manager searches), complemented by retirement-plan fund line-up development, RFP/RFI development, and private-label client communications.

The firm runs an open-architecture, fee-only model that avoids proprietary products and sales commissions, combining quantitative, qualitative, and fundamental analysis with what it describes as sophisticated technical applications for fixed-income and strategic portfolio construction. Client delivery is supported by a recurring thought-leadership cadence (Weekly Insight, Five in Five, Investment Insight, Trends Over Time) and a Client Services / Relationship Management team, with formal compliance led by a Chief Compliance Officer (Paul Larsen, JD). The firm also operates BTC Trust Company of South Dakota as an adjacent subsidiary offering fiduciary and trust services.

BTC Capital Management serves institutional investors (banks, insurance companies, trusts, large institutions), high-net-worth individuals, foundations and endowments, and qualified/non-qualified retirement plans. Distribution is driven by Senior Managing Directors and Institutional Consultants running direct institutional relationships, supplemented by an embedded channel through Bankers Trust's wealth management division led by Brian Rolland and relationship managers Dave Jackson and Deb Norton. Revenue is generated through AUM-based fees on discretionary mandates, OCIO retainers, and independent investment consulting/advisory fees under a fee-for-service-only pricing structure.

Name

BTC Capital Management

Legal name

BTC Capital Management

Website

https://btccapitalmgmt.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

BTC Capital Management is a privately held, fee-for-service investment management and advisory firm founded in 2003 and headquartered in Des Moines, Iowa, with a Phoenix office. It serves institutional investors, high-net-worth individuals, foundations/endowments, and retirement plans through discretionary equity and fixed-income portfolio management and OCIO/advisory services as an affiliate of Bankers Trust.

Ownership category

akta.pro rank

Product category

Investment Management Services

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Advisory Portfolio Management (Non-Discretionary) (FSAAABAD)

akta.pro secondary industries

Large-Cap Equity (Active) (FSAAAIAA), Small-Cap Equity (Active) (FSAAAIAC)

Keywords

• Investment management services
• Asset management advisory
• Portfolio management solutions
• Outsourced cio services
• Institutional wealth advisory

Headquarters

HQ city

Des Moines

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Discretionary Asset Management: Portfolio management services where the firm makes investment decisions on behalf of clients, earning management fees based on assets under management.
2. Investment Advisory and Consulting Services: Independent investment consulting and advisory services including outsourced CIO (OCIO) services, investment manager selection and monitoring, and asset allocation strategy development.
3. Fee for Service Only Model: The firm operates on a fee-for-service basis only, avoiding commissions or product-based compensation to maintain unbiased consultation and open architecture approach.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

BTC Capital Management delivers discretionary portfolio management and independent investment advisory services to institutional clients and high net worth individuals. Offerings span equity management (Large Cap, Small Cap, International/ADR), fixed income management (Cash, Intermediate, Core, Municipal), and global advisory services including asset allocation, outsourced CIO (OCIO) services, unaffiliated manager due diligence, independent manager searches, retirement plan fund lineup development, private label communications, and RFP/RFI development. The firm operates on a fee-for-service-only model with an open architecture approach and no proprietary products.

Product overview

BTC Capital Management offers a unified investment management and advisory platform providing portfolio management and advisory services to institutional and high net worth clients. The firm operates three core investment disciplines: Equity Portfolio Management (covering Large Cap, Small Cap, and International/ADR strategies), Fixed Income Portfolio Management (including Cash, Intermediate, Core, and Municipal strategies), and Global Advisory Services (encompassing Asset Allocation, OCIO Services, Manager Due Diligence, and Independent Investment Manager Searches). These core offerings are complemented by client communications including the Weekly Insight newsletter, Five in Five monthly publication, Investment Insight quarterly newsletter, and Trends Over Time quarterly chartbook. The firm provides tailored solutions ranging from discretionary asset management to independent investment consulting and advisory services.

Differentiator

Problem solved

Functional benefit

Products and services

• Equity Portfolio Management Discretionary equity investment management covering Large Cap, Small Cap, and International (ADR) strategies for institutional and high net worth clients, applying quantitative, qualitative, and fundamental analytical techniques focused on long-term results and higher-quality companies.
• Fixed Income Portfolio Management Discretionary fixed income investment strategies spanning Cash, Intermediate, Core, and Municipal categories, combining experience and expertise for sophisticated fixed income strategies tailored to banks, insurance companies, trusts, and large institutions.
• Asset Allocation Services Development of asset allocation strategies as part of Global Advisory Services, designed to meet client-specific investment goals, objectives, and risk preferences through tailored strategic investment portfolios.
• Outsourced Chief Investment Officer (OCIO) Services Comprehensive outsourced CIO services providing independent analysis and management of investment programs for institutional clients, including investment policy statement development and ongoing oversight.
• Unaffiliated Manager Due Diligence Selection and monitoring of active and passive external investment managers as part of comprehensive investment advisory services, providing independent oversight for institutional clients.
• Independent Investment Manager Searches Services for identifying and selecting independent investment managers tailored to institutional client objectives, leveraging the firm's open architecture and disciplined due diligence framework.
• Qualified and Non-Qualified Plan Fund Line Up Development Development of retirement plan fund lineups for qualified and non-qualified retirement plans, supporting fiduciary oversight and ongoing plan maintenance.
• RFP/RFI Development Request for Proposal (RFP) and Request for Information (RFI) development services supporting investment management procurement mandates for institutional buyers.

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Bankers TrustcoreStrategic or Co-development PartnerBTC Capital Management is closely affiliated with Bankers Trust. Scott Eltjes serves as Executive Vice President of Investment Management and Wealth Management Divisions for Bankers Trust and is a member of the bank's executive committee. Kevin Chorniak serves as Senior Managing Director, Institutional and Wealth Management Services at Bankers Trust and is on the Bankers Trust Management Committee. The firm serves as the investment management arm for Bankers Trust's wealth management division and trust company operations.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Marquette Associates: Chicago-based investment consulting and OCIO firm serving institutional clients (corporate plans, public funds, endowments). Comparable to BTC Capital in mandate for independent manager research and OCIO services delivered to a similar institutional client mix.
• Meketa Investment Group: Westlake Village, CA-based institutional investment consulting and OCIO firm with national reach. Directly competes with BTC Capital for OCIO and manager search mandates from foundations, endowments, and corporate retirement plans.
• Clark Capital Management Group: Philadelphia-based mid-sized asset manager offering multi-asset strategies and OCIO capabilities to institutional and HNW clients. Comparable scale, multi-discipline approach (equity, fixed income, alternatives), and institutional/HNW client segmentation similar to BTC Capital.
• Segal Marco Advisors: Institutional investment consulting firm specializing in OCIO services for pension, endowment, and foundation clients. Direct overlap with BTC Capital's institutional advisory offering for plan sponsors seeking independent consulting.
• Verus Investments: Seattle-based investment consulting and OCIO firm advising institutional clients on manager selection and asset allocation. Comparable in its independent, fee-only advisor stance and emphasis on manager due diligence to BTC Capital.
• Cardinal Investment Advisors: Chicago-based OCIO and investment advisory firm serving foundations, endowments, and family offices with discretionary and non-discretionary mandates. Similar size and OCIO-native positioning to BTC Capital's institutional advisory practice.
• Fiducient Advisors: Non-corporate, independent investment consulting firm providing OCIO, manager research, and asset allocation to institutional clients. Comparable independent, fee-only model and multi-service institutional delivery similar to BTC Capital.

Broad incumbents

• PNC Capital Advisors: Asset management subsidiary of PNC Financial Services Group offering institutional and OCIO services within a large regional bank. Compares to BTC Capital as a bank-affiliated investment management operation serving institutional and HNW clients, though at materially larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BTC Capital Management