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MONEY MANAGEMENT

Lombardia chooses co-CEOs as part of reorganization

Peter Lopez and Vincent Williams on Tuesday were named co-CEOs of Lombardia Capital Partners as part of a management reorganization of one of the oldest minority-owned asset management firms in the U.S.

The aim is to rebuild the firm, which Mr. Williams said in a phone interview has seen severe net outflows since the death Executive Chairman Jorge Castro in March 2015. Mr. Castro founded the firm in 1989.

Mr. Williams said assets under management at the value equity firm have fallen to about $1.2 billion from “north of $2 billion” at the time of Mr. Castro's death. He added that the firm should have communicated better with clients and reorganized sooner to strategize priorities going forward.

He said a series of meetings over the next few days between him and Mr. Lopez will help determine how the firm can be a success in the future. He said “all options are on the table” including consolidating or adding strategies.

He said the firm's largest strategy is a $780 million small-cap value strategy.

As part of the reorganization, Alvin Marley stepped down as CEO on Feb. 17 but will retain his position as senior portfolio manager for the small-cap core value and the small-cap value strategies.

Mr. Lopez has been a portfolio manager at Lombardia for the past two years. Mr. Williams spent the last three years as of head of marketing and client services at the firm. Mr. Williams said he will continue those marketing duties in his new job.

The firm has offices in both Chicago and Pasadena, Calif.