CT Capital LLC was established to manage equity portfolios based upon the value-oriented (free cash flow) investment strategy Kenneth Hackel developed and implemented at Systematic Financial Management, Inc. (SFM) and the pioneering work developed since his departure relating to cost of equity capital (the discount rate applied to those cash flows). As founder (in 1983) and President of SFM, Kenneth implemented his free cash flow-based investment philosophy in running approximately $2.0 Billion for institutional investors across multiple US equity investment disciplines. Following Affiliated Managers Group’s purchase of the firm in 1995, Kenneth, along with Professor’s Livnat’s departure in 1996, the two have continued to work closely together and collaborate on multiple research projects, especially related to defining an appropriate cost of equity capital.