Sarasota-based financial advisory firm celebrates 50 years in business

A Sarasota financial advisory firm celebrated 50 years in business and announced its leadership succession plan this week.

David R. Kotok and Sheldon "Shep" Goldberg launched Cumberland Advisors in 1973 in Vineland, New Jersey, focused then on active management of bond portfolios, according to a news release about the company milestone.

"Cumberland came to be recognized for fixed income expertise and today the firm is known for implementing a total return approach, actively managing duration, and focusing on high credit quality in fixed income strategies," the news release stated.

Now based in Sarasota, Cumberland announced Wednesday David E. Sparks has been named chairman. Kotok will remain Chief Investment Officer with the company's current Chief Executive, John R. Mousseau, remaining on the board. Matthew C. McAleer will assume the role of president and director of private wealth.

Sparks joined the board of directors in 2018, and his association with Cumberland Advisors goes back more than 20 years, according to the news release.

The company also announced the hiring of Benjamin Pease in the role of managing director of fixed income and chief innovation officer.

This article originally appeared on Sarasota Herald-Tribune: Sarasota-based Cumberland Advisors celebrates 50 years in business