Three investment executives at Fayez Sarofim & Co. have joined with Prometheus Advisors' executives to form Cypress Asset Management, a Houston-based large-cap growth equity and balanced manager.
Prometheus folded its $80 million under management into Cypress.
William L. Garwood Jr. and Frank P. Lee, both vice presidents and portfolio managers at Sarofim, and David E. Jorden, senior principal, join Prometheus executives Ron Lerner and Dan Japhet at the new firm. The three former Sarofim principals have not been replaced and their duties have been reassigned to other staff members, a spokeswoman said.
