Earl Borthwick Hagberg always believed that there was room for an independent voice on the financial landscape. That a boutique money manager, offering proprietary research and portfolio management, could not only compete, but actually thrive amongst the behemoth brokerage firms dominating the industry. So much so that in 1981, together with his wife Karen, he set up shop for himself on Chicago’s famed LaSalle Street. With just $4 million in assets and a handful of clients won through twenty years of dedicated attention, Borthwick Associates was born.

Earl founded his firm on three basic principals. One - his own name would be on the front door, for it was he who would be accountable to his clients and employees for the successes and failures of this firm. Two - he would manage the assets of a select group of family, friends and referrals, because the relationship was an integral part of every account. And three - his firm would concentrate only on equities, for it was Earl’s fundamental belief that equities are indeed the best way to build wealth over the long term.

After enjoying excellent health his entire life, Earl was diagnosed with leukemia and ultimately lost a 13 month battle with the disease on October 20, 2004 at the age of 67. Earl was a gifted mentor and his guidance and insight is sorely missed. Earl led his firm by example while greatly encouraging original thought and a freestyle exchange of ideas. This forward- thinking style of management made for a productive work environment and proved invaluable during his illness and the subsequent succession of the company.

In January 2005, ownership of Borthwick Associates and its sister company, Earlwick, Inc., transferred to long-time employees Meg Davidson and Thomas Flaig. Meg and Tom remain dedicated to preserving the qualities that Earl instilled in Borthwick Associates while making this company their own.