Murray Wise, the founder of Westchester Group and Murray Wise Associates, has announced his intention to resign from the Board of Directors in January. His company was acquired by Farmland Partners International (FPI) in November 2021.
Wise joined FPI in 2021, bringing with him over four decades of experience in global agriculture and land markets, as stated on his FPI Board of Directors webpage. He is credited with popularizing the concept of agriculture as an investable asset and sold his agricultural asset management division to TIAA-CREF. According to his biography, Wise is an alumnus of Iowa State University where he earned a Bachelor of Science in Agriculture. He also holds a Master of Business Administration from the University of Illinois and has been a guest speaker at numerous colleges and universities.
Paul Pittman, executive chairman of FPI, spoke highly of Wise in the news release announcing his departure. "Murray is a mentor and a friend. He is a trailblazer in the farmland investment arena and should be extremely proud of everything he’s built throughout his more than 40 years in the farmland," said Pittman. "We wish Murray well as he begins his planned transition towards retirement to spend more time with his family. I want to personally thank Murray for his contributions to the Board and assure him that all of us at FPI and MWA will continue his important work."
FPI is a publicly traded real estate investment trust that specializes in purchasing, leasing, and managing high-quality farmland across the United States. The company owns 147,211 acres of farmland and manages an additional 31,005 acres for a total control over 178,216 acres. These properties are located in California, Midwest, South, and Southeast regions of the United States. Murray Wise Associates operates as their subsidiary responsible for farmland brokerage and auctions under FPI's banner.
In addition to its real estate operations, the company also runs a farm loan program and partners with farmers to ensure their success. The loan program, as detailed on its webpage, primarily focuses on farming businesses undergoing generational transitions, those recovering from cyclical losses, and those aiming to increase profitability.