The founders of Apodaca-Johnston Capital Management have ended their partnership and are running money separately.
CIO Scott Johnston resigned to start Sterling Johnston Capital Management, which incorporates the same emerging growth strategy Mr. Johnston used at Apodaca-Johnston. Mr. Johnston said he left ``because of irreconcilable business differences with Jerry Apodaca and his son Jerry Jr. and to maintain the purity of the investment style that has produced exceptional returns for two decades.'' Sources said each man owned a third of the firm.
Apodaca-Johnston, now called Apodaca Capital Management, is headed by Jerry Apodaca Jr. He was traveling and could not be reached for comment. The senior Mr. Apodaca is not active in the firm.
Jennifer L. Provine, Apodaca-Johnston's head of operations, is overseeing operations and research at the new firm. Mr. Johnston said he will be looking for a marketer, portfolio manager and senior analyst.