About Us - Reaves Asset Management

Reaves Asset Management is a independently owned company with decades of experience investing in publicly listed infrastructure equities.

Our managed portfolios, designed to provide both capital appreciation and income, have historically generated attractive risk-adjusted returns with defensive characteristics in all market cycles. We aim to generate high single-digit returns with lower market volatility over the long term.

The team at Reaves invests in the same strategies as our clients, most notably through the firm’s employee profit-sharing trust. Employees also have investments in the firm’s closed-end fund, exchange-traded fund, and mutual fund.

Our History

Reaves Asset Management was founded in 1961 by William H. Reaves who built on his experience and knowledge as the head of utility research at Kidder Peabody & Co. to create the framework for our research-driven investment philosophy.

In 1978, Reaves began managing its first institutional account focused exclusively on the utility and energy infrastructure sectors of the broad market. In 2004, the Reaves Utility Income Fund was launched and has consistently ranked as one of the most well managed closed-end funds.

Today, as the firm approaches its 60th anniversary, the Reaves investment team remains dedicated to our founder’s original vision of focusing its research and investing efforts on companies which provide essential services and form the backbone of our modern economy.

Reaves Established

On May 1, 1961, William H. Reaves and Charles Hewitt founded Reaves, Hewitt & Co., an investment research firm focused on the utilities sector. Bill Reaves was named the Firm’s first President.

May 1961

Reaves Expands

Tom Williams was hired as the Firm’s senior utilities analyst. He remained a Reaves employee until 2006.

The W.H. Reaves & Co., Inc. Era Begins

On September 1, 1966, the Firm changed its name to W.H. Reaves & Co., Inc. Bill Reaves continued to serve as the Firm’s President.

September 1966

May 1961

The Beginning of Institutional Account Management

Reaves began managing institutional equity accounts with portfolios concentrated in the utilities, energy, and telecommunications sectors.

IPO of the Reaves Utility Income Fund (ticker:UTG)

On February 27, 2004, the Reaves Utility Income Fund debuted on the American Stock Exchange at $20 a share.

February 2004

December 2004

Mutual Fund Launched

On December 22, 2004, Reaves launched an open-end mutual fund.

Transition to New Leadership

Ron Sorenson was named the Firm’s Chief Executive Officer and Bill Ferer was named President.

May 1961

New Era Begins-Reaves Asset Management

In recognition of the Firm’s focus on the asset management business, W.H Reaves & Co., Inc. began doing business as Reaves Asset Management.

Utility ETF Launched (ticker:UTES)

On September 23, 2015, the world’s first actively managed utility sector ETF, the Reaves Utilities ETF debuted on the New York Stock Exchange at $25 a share. The name was subsequently changed to the Virtus Reaves Utilities ETF.

September 2015

May 1961

Looking to the Future

Jay Rhame was appointed Chief Executive Officer and John Bartlett was named President.