# Bel Air Investment Advisors

Bel Air Investment Advisors is a Multi Family Office based in Los Angeles, United States.

## Overview

- **Organization type:** Multi Family Office
- **Headquarters:** Los Angeles, United States
- **Region:** North America
- **Address:** Los Angeles, CA, United States
- **Founded:** 1997
- **Assets under management:** 12B (Altss estimate)
- **Website:** belair-llc.com
- **LinkedIn:** https://www.linkedin.com/company/bel-air-investment-advisors

## Regulatory record

- **Reports private funds:** No

## About

Bel Air Investment Advisors was established in 1997 by three former Goldman Sachs professionals. Todd Morgan, Reed Halladay, and Ronald Mardigian built the firm to serve clients with investable assets above twenty million dollars. Wealth origin traces directly to their private-client banking experience at Goldman. The firm deploys capital through fund-of-funds commitments, direct private equity, real estate, private credit, and hedge fund allocations. Confirmed holdings include Bridge Investment Group funds. It also maintains exposure via Fiera USA equity vehicles. Activity spans North America with additional focus on infrastructure and litigation finance. Geographic reach remains concentrated in the United States. The team includes President David Sadkin. Todd Morgan serves as a lifetime trustee and investment committee member at Cedars-Sinai Medical Center. Between 2013 and 2021 the firm operated under Fiera Capital ownership before regaining independence. Philanthropic vehicles include the Todd M. Morgan Family Foundation and the Morgan Aging with Dignity Fund. Bel Air maintains a hybrid governance model that separates investment execution from the principals' personal philanthropic commitments. This separation allows the office to accept external family clients while preserving control over mandate selection and manager relationships.

## Sectors

- Healthcare Services
- PropTech
- Supply Chain & Logistics
- ClimateTech
- Mobility & Transportation

## People

- Todd Morgan — Chairman and Co-founder
- Reed Halladay — Co-founder
- Ronald Mardigian — Co-founder
- David Sadkin — President and Partner

## Questions

### Who runs investment decisions at Bel Air Investment Advisors?

Todd Morgan serves as Chairman and Co-founder. David Sadkin holds the role of President and Partner. Investment mandates are executed through an open-architecture process that incorporates external managers.

### How does Bel Air Investment Advisors source proprietary deal flow?

The firm relies on relationships developed by its Goldman Sachs alumni founders. Additional flow comes through board positions such as Todd Morgan's lifetime trusteeship at Cedars-Sinai Medical Center.

### Is Bel Air Investment Advisors structured as a single family office or does it operate more like a venture firm?

It functions as a multi-family office serving multiple ultra-high-net-worth families, trusts, and foundations. The firm does not operate as a venture capital manager.

### How is Bel Air Investment Advisors related to Fiera Capital Corporation?

Fiera Capital owned the firm from 2013 to 2021. Bel Air has since operated independently.

### Does Bel Air Investment Advisors maintain philanthropic structures, and how are they separated?

The firm supports the Todd M. Morgan Family Foundation and the Morgan Aging with Dignity Fund. These vehicles operate separately from client mandates.

## Related profiles

- [Kuok Group](https://altss.com/profile/kuok-group)
- [Cary Street Partners](https://altss.com/profile/cary-street-partners)

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Last updated: 2026-08-10T15:54:10.904Z

Canonical page: https://altss.com/profile/bel-air-investment-advisors

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