M&T Bank, Buffalo, N.Y., has launched its first investment advisory arm, M&T Capital Advisors. The new unit equity, balanced and fixed-income management, emphasizing equity and balanced management.
With an philosophy of ``growth at a reasonable price'' for investing in equities, it takes a structured, disciplined approach to active stock management; it provides both a large- and midcap growth style and a mid- to large-cap income equity approach. Its fixed-income approach is opportunistic, low risk and focused on credit quality.
The new firm is managing $2.5 billion of assets, which previously had been handled by the trust department of M&T Bank.
The firm's three key personnel have come from Value Line Asset Management: John F. Moore, chief investment officer; John E. Leslie III, senior portfolio manager; and John K. Webster, vice president-marketing. Mr. Moore, who was head of asset management at Value Line, was replaced by Philip Orlando, who received the new title of CIO at Value Line. Mr. Leslie, who was the small-cap manager at Value Line, has been replaced by Steven Yearly. Mr. Webster has not yet been replaced.
