About FMI

Fiduciary Management, Inc. (“FMI”), founded in 1980, is an independent money management firm based in Milwaukee, Wisconsin. FMI’s equity investing strategies apply a value discipline, with a focused approach firmly rooted in fundamental research. As of 3/31/2026, FMI managed approximately $10.2 billion in AUA ($10.0 billion AUM) for institutions, individual investors, and Registered Investment Advisors through separately managed accounts, mutual funds, and UCITS for international clients.

Small Cap Equity
Large Cap Equity
All Cap Equity
International Equity
Global Equity
Focused Global Equity
Investment Strategy Outlook (ISO) Letters

Meet the FMI Team

PMC = Portfolio Management Committee

Mr. English joined Fiduciary Management, Inc. in 1986. He is the Chairman and partner of the firm. Prior to joining FMI, Pat was a research analyst with Dodge & Cox (1985-1986). Pat received a BA degree from Stanford University. He is a member of the CFA Society of Milwaukee and has earned the right to use the Chartered Financial Analyst designation.

Patrick J. English, CFA
Partner, Chairman

Mr. Bloom joined Fiduciary Management, Inc. in 2010. He is the Chief Investment Officer and is a partner at the firm. Jonathan works with the firm’s analysts on vetting new research ideas. He is a partner and member of the firm's Portfolio Management Committee. Jonathan received a BA degree from Brown University and an MBA from Columbia Business School. He is a member of the CFA Society of Milwaukee and has earned the right to use the Chartered Financial Analyst designation.

Jonathan T. Bloom, CFA
Partner, PMC, CIO

Mr. Brandser joined Fiduciary Management, Inc. in 1995. He is the President and Chief Executive Officer. He is also a partner and member of the Portfolio Management Committee. Prior to joining FMI, John was an officer with Marshall & Ilsley Corporation (1985-1995). He received a BA degree from the University of Minnesota-Duluth.

John S. Brandser
Partner, PMC, President, CEO

Mr. Stanley joined Fiduciary Management, Inc. in 2003. He is a Senior Vice President and a partner of the firm. He is also responsible for the marketing and client service efforts at FMI. Prior to joining FMI, Mike was an Institutional Sales area within Strong Capital Management, Inc. (2001-2003) and a Mutual Fund Accountant at Strong Funds (2000-2001). Mike received a BBA degree from the University of Wisconsin – Whitewater and an MBA from Marquette University. He is a member of the CFA Society of Milwaukee.

Michael S. Stanley
Partner, EVP

Mr. Karek joined Fiduciary Management, Inc. full time in 2017. He is the Director of Research, a senior analyst, and a partner of the firm. He is primarily responsible for equity research covering a wide range of industries. Prior to joining FMI, Ben earned a BA from the University of Michigan and was a US Army officer, earning the bronze star medal for meritorious service in combat. Ben worked during the summer of 2016 as a research intern at FMI and joined the team permanently after completing his MBA degree from Columbia Business School. He is a member of the CFA Society of Milwaukee and has earned the right to use the Chartered Financial Analyst designation.

Benjamin D. Karek, CFA
Partner, PMC, DOR, Senior Analyst

Mr. Burns joined Fiduciary Management, Inc. in 2002. He is an Executive Vice President and a Partner of the firm. He is responsible for coordinating the marketing and client service efforts at the firm. Prior to joining FMI, he was a Senior Vice President at Strong Capital Management, Inc. (1996-2002). Prior to that, Bladen was a Senior Analyst with Wellesley Group Inc. (1994-1996) and also worked as an Account Manager with Brown Brothers Harriman (1992-1994). Bladen received a BSBA degree from Boston University. He is a member of the CFA Society of Milwaukee and has earned the right to use the Chartered Financial Analyst designation.

Bladen J. Burns, CFA
Partner, EVP-Client Service, Portfolio Specialist

Ferrier

Dan J. Ferrier
Associate IT Director

Mr. Helf joined Fiduciary Management, Inc. in 1998. He is a senior analyst and a partner of the firm. He is primarily responsible for equity research covering a wide range of industries. Prior to joining FMI, Rob was a research analyst with Everen Securities (1994-1997) and Robert W. Baird (1990-1992). Rob received a BS degree from the University of Southern California and an MS degree from the University of Wisconsin-Applied Security Analysis Program. He is a member of the CFA Society of Milwaukee and has earned the right to use the Chartered Financial Analyst designation.

Robert M. Helf, CFA
Partner, Senior Analyst

Mr. Hirsch joined Fiduciary Management, Inc. in 2007. He is the Head Trader and is a partner of the firm. He is responsible for the trading of equity securities across all accounts. Prior to joining FMI, Collin worked for Artisan Partners’ trading desk (2002-2007). Collin received a BA and an MS degree from the University of Wisconsin – Milwaukee.

Collin M. Hirsch
Partner, Head Trader

Konneh

Mamadee M. Konneh
Administrative Associate

Mr. Ladwig joined Fiduciary Management, Inc. in 2017. He is Chief Compliance Officer for FMI and the FMI Funds. Prior to joining FMI, Ryan was an Assurance Senior at PricewaterhouseCoopers, LLP (2014-2017) and a Senior Accountant with First Industrial Realty Trust (2010-2014). Ryan received a BBA degree from the University of Wisconsin. He is a member of the AICPA and is a licensed CPA in the state of Wisconsin.

Ryan J. Ladwig, CPA
CCO

Maxwell

Nick J. Maxwell
Partner, IT Director

Ms. Nichols joined Fiduciary Management, Inc. in 2015. She is a Vice President and a partner of the firm. She is responsible for helping with the marketing and client service efforts of the firm. Carrie previously worked as an Institutional Sales Representative at FactSet Research Systems Inc. (2006-2015). Carrie began her career in marketing and client service at Nicholas Company, Inc. (2005-2006). Carrie received a BS degree from Indiana University – Kelley School of Business.

Carrie B. Nichols
Partner, VP-Client Service

Ms. Nicols joined Fiduciary Management in 2009. She is a Vice President of Portfolio Administration and Trading and is a partner of the firm. She is responsible for portfolio administration and the trading of equity securities across all accounts. Nora received a BA degree from University of Wisconsin – Milwaukee.

Nora S. Nicols
Partner, VP - Portfolio Admin/Trader

Ms. Nordman joined Fiduciary Management in 2020. She is responsible for portfolio administration and the trading support efforts of the firm. Prior to joining FMI, she worked in accounting for Olympic Supply Co. (2018-2020). Lexi received a BA degree from University of Wisconsin – Milwaukee.

Alexis B. Nordman
Portfolio Admin/Trading Associate

Mr. Peterson joined Fiduciary Management, Inc. in 2018. He is a Vice President and a partner of the firm. He is responsible for helping with the marketing and client service efforts of the firm. Drew worked during the summer of 2017 as a marketing/client service intern at FMI and joined the team permanently after completing his BBA degree from the University of Wisconsin. He is a member of the CFA Society of Milwaukee and has earned the right to use the Chartered Financial Analyst designation.

Drew D. Peterson, CFA
Partner, VP-Client Service

Ruthenburg

Alexandra R. Ruthenberg
Client Service Associate

Mr. Strole joined Fiduciary Management, Inc. in 2024. He is primarily responsible for equity research covering a wide range of industries. Prior to joining FMI, Jake was a senior equity analyst for the State of Wisconsin Investment Board (2019-2024). Prior to that, he was an equity analyst covering healthcare for Morningstar (2017-2019). He began his career as an equity and convertibles analyst at Calamos Investments (2015-2017). Jake received a BBA degree from the University of Wisconsin and an MS degree from the University of Wisconsin’s Applied Security Analysis Program. He is a member of the CFA Society of Milwaukee and has earned the right to use the Chartered Financial Analyst designation.

Jake E. Strole, CFA
Senior Analyst

Mr. Sullivan joined Fiduciary Management, Inc. full time in 2013. He is a partner and member of the firm’s Portfolio Management Committee. He is primarily responsible for equity research covering a wide range of industries. Matt worked during the summer of 2012 as a research intern at FMI and joined the team permanently after completing his BA degree from Brown University. He is a member of the CFA Society of Milwaukee and has earned the right to use the Chartered Financial Analyst designation.

Matthew T. Sullivan, CFA
Partner, PMC, Senior Analyst

Ms. Taske joined Fiduciary Management in 2004. She is a Vice President of Administration and is a partner of the firm. She is responsible for the finance and administration efforts of the firm. Prior to joining FMI, Jessie worked at Wells Fargo (2003-2004) and Strong Capital Management (2002-2003). Jessie received a BS degree from the University of Wisconsin – La Crosse.

Jessica P. Taske
Partner, VP-Administration

Mr. Teschendorf joined Fiduciary Management, Inc. full time in 2015. He is a partner and member of the firm’s Portfolio Management Committee. He is primarily responsible for equity research covering a wide range of industries. Jordan worked during the summer of 2014 as a research intern at Heartland Advisors and joined the FMI team permanently after receiving a BBA degree from the University of Wisconsin and an MS degree from the University of Wisconsin-Applied Security Analysis Program. He is a member of the CFA Society of Milwaukee and has earned the right to use the Chartered Financial Analyst designation.

Jordan S. Teschendorf, CFA
Partner, PMC, Senior Analyst

Mr. Tofson joined Fiduciary Management, Inc. in 2019. He is a partner and member of the firm’s Portfolio Management Committee. He is primarily responsible for equity research covering a wide range of industries. Prior to joining FMI, Dain was an Analyst on the Global Value Team at Artisan Partners (2017-2019) and Institutional Capital LLC (2014-2017). Dain also worked as a Financial Analyst with Ventas, Inc. (2010-2012) and began his career at MLG Capital (2008-2010). Dain received a BBA degree from the University of Wisconsin and an MBA from the University of Chicago-Booth School of Business. He is a member of the CFA Society of Milwaukee and has earned the right to use the Chartered Financial Analyst designation.

Dain C. Tofson, CFA
Partner, PMC, Senior Analyst

Welti

Colleen L. Welti
Administrative Associate

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