Three top executives from ASB Capital Management and RIMCO have formed a new Washington firm, Columbia Partners L.L.C. Investment Management.
Terence W. Collins, former president of ASB, will be president. Robert A. von Pentz, former chief executive of RIMCO, will be a managing partner, as will Closson Vaughan, former managing director of fixed-income investments at ASB.
Mr. Collins said he formed the firm because of differences in culture between the banking and investment management industries. ASB, a unit of NationsBank, was "a teeny piece of a very big operation," he said. Getting the resources to manage assets and serve clients was difficult in that environment.
He said employees will own half of the firm; a venture capital firm, Galway Partners L.L.C., Washington, owns the other half. There are about 20 people who have joined the firm from ASB and RIMCO.
Mr. von Pentz will be replaced on an interim basis by David D. Addison, senior vice president in charge of the trust division at Riggs National Bank, RIMCO's parent.
At ASB, Bob Phillips, senior vice president and head of portfolio management, will head the firm as president. Bob Wasilewski, managing director and senior vice president will replace Mr. Vaughn as director of fixed income. An ASB statement also noted that Lois Burliegh, head of equity, and Paul Lowman, head of real estate, are among the ASB employees continuing at the firm. The statement said NationsBank will use its resources as an institutional manager to fill any vacancies at ASB.
