The late Lon Morton, founder of Morton Capital Management in Calabasas, had a knack for catching opportunities that others in the finance world often missed. But perhaps that made sense – after all, he came into the industry not from Wall Street, but from minor league baseball.

“I think that was his strength,” Jeff Sarti, co-chief executive of Morton Capital, said of Morton’s non-traditional background. “He was very open-minded … he was willing to be an entrepreneur.”

Morton passed away April 17 at the age of 72. He never graduated from college, but went from the pitcher’s mound at the California Angel’s farm team to selling financial products to retirees before establishing Morton Capital in 1983. The firm – which specializes in so-called “alternative investments,” such as real estate and private lending – had more than $1.53 billion in assets under management as of December 2015.

Morton began buying real estate for clients in the 1980s, and made his first hedge fund investment in the early 1990s, Morton Capital Co-Chief Executive Meghan Pinchuk said.

“Alternative investments now are a lot more in vogue, but what I think makes us different – Lon in particular – is how long he had been investing in alternatives,” Pinchuk explained.

Morton’s unconventional approach to investing extended to his hiring practices. Years ago he started grooming Pinchuk and Sarti to succeed him. Neither had extensive financial industry experience before joining the firm in the early 2000s. Sarti was straight out of business school; Pinchuk was an English major.

Pinchuk said Morton was not blinded by his ego, enabling him to pass on his skills to others at his firm.

“It’s so unusual that he was so willing and excited about handing the reins over to us,” Sarti said. “He fundamentally believed at the time that the business was bigger than him.”

While the firm had an aesthetic rebrand before Morton’s passing, his name will remain on the door.

“He is our legacy, and that will never change,” Pinchuk said.

– Helen Floersh