Aperio Group

Aperio Group

Aperio Group was founded in 2000 by Rex Macey, who served as CIO until Patrick Geddes took over the investment function. The firm launched as a specialized quantitative asset manager focusing on direct indexing and tax-aware portfolio construction, a niche that became widely adopted only years later. The firm builds custom equity portfolios by combining factor tilts — value, momentum, quality, size — with an engine that systematically locks in tax losses at the individual-security level. Clients typically hold SMA structures, not pooled vehicles. Aperio targets institutional and high-net-worth families who want passive-like exposure with active tax management. The firm's known client base includes family offices, foundations, and financial advisors using Aperio on their own platforms. Aperio operates solely from its Sausalito headquarters with a team of quant researchers, portfolio managers, and client-service professionals. The structure has remained a single RIA under BAM Law (Buckingham Asset Management, an associated entity) governance, though details on full organizational tree remain undisclosed. No public charitable foundation or separate operating-company arm is associated with the firm. Aperio's structural differentiator is its technology-led direct indexing engine — stripping the tax drag out of public-equity exposure at the individual lot level while maintaining a factor-based return orientation. Most wealth managers added this capability only after 2018; Aperio built it two decades earlier.