Robert L. Pharr, formerly managing director and chief investment officer of Eastover Capital Management, opened his own firm, Providence Capital Management. It specializes in managing duration of U.S. Treasury and municipal securities portfolios using an interest-rate anticipation style. Its minimum account size is $5 million.
Providence, which will serve institutions and wealthy individuals, has received commitments of $10 million so far. Mr. Pharr said none of Providence's clients are Eastover clients. The firm might add a marketing manager in the coming months, he said.
