Cohen, Klingenstein & Marks
2112 Broadway, Suite 314, New York, N.Y. 10023; phone: (212) 799-4880; fax: (212) 799-2922
($ millions)
Total assets managed 570
Total tax-exempt assets 398
U.S. institutional tax-exempt assets 398
U.S. equity, active 398
No. of portfolio managers 3
Cohen, Klingenstein & Marks Inc. is a large-cap, growth stock manager.
Its strategy is to first develop a top-down economic view, and then follow with proprietary quantitative screens to select candidates for inclusion in the portfolio. It then applies traditional fundamental analysis to make final selections.
The asset mix Jan. 1 was 98!! stocks, 2 !! cash.
George M. Cohen is chief investment officer; Richard L. Blum III is client contact.
DRA Advisors Inc.
1180 Avenue of the Americas, 18th Floor, New York, N.Y. 10036; phone: (212) 764-3210; fax: (212) 764-3571
($ millions)
Total assets managed 920
Total tax-exempt assets 831
U.S. institutional tax-exempt assets 831
Equity real estate 831
No. of portfolio managers 4
Size of research staff 5
DRA Advisors Inc is an equity real estate manager.
It emphasizes current cash return and seeks the potential for capital appreciation as well. It places capital preservation above high return possibilities.
The asset mix Jan. 1 was 100!! equity real estate.
Francis X. Tansey is chief investment officer; Paul McEvoy is client contact.
Lowe Enterprises
Investment Management Inc.
11777 San Vicente Blvd., Suite 900, Los Angeles, Calif. 90049; phone: (310) 820-6661; fax: (310) 207-1132
($ millions)
Total assets managed 1,241
Total tax-exempt assets 1,219
U.S. institutional tax-exempt assets 1,219
Equity real estate 1,056
Mortgages 163
No. of portfolio managers 10
Size of research staff 2
Lowe Enterprises Investment Management Inc. is a real estate manager.
It uses a three-step value-enhancement strategy: acquiring assets at discounts; intense management; liquefying through timely sales.
The asset mix Jan. 1 was 87!! equity real estate, 13!! mortgages.
The parent is Lowe Enterprises Inc.
Theodore M. Leary is chief investment officer; the client contacts are J.P. Hyan at (714) 671-2133 and Kevin McDonald, (617) 695-3600.
Manley Fuller Asset
Management L.P.
1185 Avenue of the Americas, New York, N.Y. 10036; phone: (212) 302-1909; fax: (212) 302-1578
($ millions)
Total assets managed 425
Total tax-exempt assets 395
U.S. institutional tax-exempt assets 395
U.S. equity, active 395
No. of portfolio managers 3
Size of research staff 2
Manley Fuller Asset Management L.P. is an active, small-cap value domestic equity manager.
It uses a contrarian approach, seeking to identify quality, underresearched and underowned companies with temporary depressions in earnings and stock price.
The asset mix Jan. 1 was 100!! stocks.
It uses stock index futures.
James L. Manley is chief investment officer; Beth Geraghty is client contact.
Pacholder Associates Inc.
8044 Montgomery Road, Suite 382, Cincinnati, Ohio 45236; phone: (513) 985-3200; fax: (513) 985-3217
($ millions)
Total assets managed 591
Total tax-exempt assets 344
U.S. institutional tax-exempt assets 344
U.S. equity, active 60
Private placements (bond) 13
High-yield bonds 270
Defined contribution assets 135
No. of portfolio managers 4
Size of research staff 10
Pacholder Associates is primarily a domestic fixed-income manager.
Its approach is active and emphasizes credit selection and quality within high-yield issues, seeking to provide higher returns and less volatility than the high-yield market as a whole.
The asset mix Jan. 1 was 17.4!! stocks, 82.1!! bonds, 0.5!! cash.
Asher O. Pacholder is chief investment officer; James E. Gibson is client contact.
Robertson Stephens
Investment Management
555 California St., San Francisco, Calif. 94104; phone: (415) 781-9700; fax: (415) 676-2574
($ millions)
Total assets managed 4,000
Total tax-exempt assets 365
U.S. institutional tax-exempt assets 128
U.S. equity, active 55
No. of portfolio managers 8
Robertson Stephens Investment Management is a domestic and global equities manager.
Its approach is active, and it offers both growth and value strategies. The firm employs rigorous fundamental research in its selection of small-cap companies.
The asset mix Jan. 1 was 100!! stocks.
It uses short selling.
The parent is Robertson, Stephens & Co. L.L.C.
Paul H. Stephens is chief investment officer; David Elliot is client contact.
Rockwood Capital Advisors
1401 S. Brentwood Blvd., Suite 325, St. Louis, Mo. 63144; phone: (314) 962-8336; fax: (314) 962-1254
($ millions)
Total assets managed* 400
Total tax-exempt assets 400
U.S. institutional tax-exempt assets 400
Foreign bond, active 400
No. of portfolio managers 6
* all data as of May 15
Rockwood Capital Advisors L.L.C. is an international bond manager.
The firm employs a disciplined top-down strategy, emphasizing duration and maturity management, quality and liquidity.
The firm also offers enhanced cash management and structured products.
The asset mix May 15 was 99!! bonds, 1!! cash.
Frank J. Aten is chief investment officer; Anthony K. Brown is client contact.
Royce & Associates Inc.
1414 Avenue of the Americas, New York, N.Y. 10019; phone: (212) 486-1445; fax: (212) 832-8921
($ millions)
Total assets managed 2,071
Total tax-exempt assets 93
U.S. institutional tax-exempt assets 93
No. of portfolio managers 3
Size of research staff 7
Royce & Associates Inc. is an active, small-cap value equity manager. It employs a bottom-up, quantitative approach.
The asset mix Jan. 1 was 93!! stocks, 7!! cash.
Charles M. Royce is chief investment officer; Jack E. Fockler Jr. is client contact.
The RXR Group Inc.
695 E. Main St., Suite 102, Stamford, Conn. 06901; phone: (203) 323- 5015; fax: (203) 325-5999
($ millions)
Total assets managed 260
Total tax-exempt assets 140
U.S. institutional tax-exempt assets 85
U.S. equity, enhanced index 30
U.S. bond, enhanced index 30
No. of portfolio managers 3
Size of research staff 5
The RXR Group Inc. is an active domestic equity and domestic bond manager.
For equities, its investment approach is active, top-down and quantitative. The firm offers a global macro alternative strategy that incorporates relative value, equity hedging, global asset allocation and short selling.
It uses options, short selling, stock index futures, fixed-income futures and managed futures.
Robb Romaine is chief investment officer; James Tomeo is client contact.
Sierra Investment Partners
101 Ygnacio Valley Road, Suite 300, Walnut Creek, Calif. 94596; phone: (510) 941-6300; fax: (510) 941-6302
($ millions)
Total assets
Assigned to other firms 780
U.S. institutional tax-exempt assets
Assigned to other firms 780
Sierra Investment Partners Inc. is a manager of managers.
For equities, it emphasizes growth with a value bias. For fixed income, it emphasizes yield enhancement and capital gain opportunities.
Bruce Dereschuk is chief investment officer and client contact.
Trainer, Wortham & Co. Inc.
845 Third Ave., New York, N.Y. 10022; phone: (212) 759-7755; fax: (212) 826-2198
($ millions)
Total assets managed 1,883
Total tax-exempt assets 780
U.S. institutional tax-exempt assets 740
U.S. equity, active 308
U.S. bond, active 260
No. of portfolio managers 8
Size of research staff 3
Trainer, Wortham & Co. Inc. is an active large-cap growth equity and active bond manager.
For equities, it maintains a diversified portfolio of growth companies that emphasize value and risk aversion. It selects companies with strong fundamentals and attractive valuations that it believes will prosper regardless of market conditions.
For fixed-income, its approach is conservative, seeking to preserve principal and provide stable, risk adjusted returns. It emphasizes sector rotation and yield curve positioning.
The asset mix Jan. 1 was 66!! stocks, 31!! bonds, 3!! cash.
Charles V. Moore is chief investment officer; Debra L. Clark is client contact.
Trend Capital Management
950 Interchange Tower, 600 S. Hwy 169, Minneapolis, Minn. 55426; phone: (612) 546-3301; fax: (612) 546-5672
($ millions)
Total assets managed 889
Total tax-exempt assets 665
U.S. institutional tax-exempt assets 665
Foreign equity, index 2
U.S. equity, active 663
No. of portfolio managers 2
Size of research staff 1
Trend Capital Management Inc. is a domestic equity manager specializing in quantitative equity strategies, both domestic and global. It offers dynamic and tactical allocation among domestic style indexes and global indexes.
The asset mix Jan. 1 was 100!! stocks.
Thomas G. Fox is chief investment officer; Bryce S. Kommerstad is client contact.
Westwood Management
300 Crescent Court, Suite 1320, Dallas, Texas 75201; phone: (214) 871-6970; fax: (214) 871-6979
($ millions)
Total assets managed 941
Total tax-exempt assets 641
U.S. institutional tax-exempt assets 641
U.S. equity, active 482
U.S. bond, active 140
Cash 18
High-yield bonds 1
Mutual fund assets managed 88
No. of portfolio managers 5
Size of research staff 4
Westwood Management Corp. is an active domestic stock and bond manager.
For equities, its investment approach places extensive weighting on long-term, secular trends. It then focuses on more traditional business cycles, theme areas and individual selections.
For fixed-income, its top-down approach relies on sector valuation and security selection.
The firm also invests in REITs.
It uses fixed-income futures.
The asset mix Jan. 1 was 78!! stocks, 19!! bonds, 3!! cash.
The parent is Southwest Securities Inc.
Susan M. Byrne is chief investment officer; Joyce A. Schael is client contact.
Widmann, Siff & Co.
919 Conestoga Road, Building 3, Bryn Mawr, Pa. 19010; phone: (610) 520- 0500; fax: (610) 520-0510
($ millions)
Total assets managed 205
Total tax-exempt assets 107
U.S. institutional tax-exempt assets 107
U.S. equity, active 86
U.S. bond, active 11
Cash 10
Mutual fund assets managed 9
No. of portfolio managers 4
Size of research staff 2
Widmann, Siff & Co. is a domestic stock and bond manager.
For equities, its investment approach is active and value oriented, employing bottom-up, qualitative methods to select mid- to large-cap companies. It chooses stocks with above-average dividend yields and strong growth prospects.
For fixed-income, its approach is passive, based on interest rate anticipation.
The asset mix Jan. 1 was 80!! stocks, 10!! bonds, 10!! cash.
Ernest R. Widmann is chief investment officer; Jeffrey S. McCallum is client contact.
William D. Witter Inc.
153 E. 53rd St., New York, N.Y. 10901-3928; phone: (212) 753- 7878; fax: (212) 486-7697
($ millions)
Total assets managed 649
Total tax-exempt assets 239
U.S. institutional tax-exempt assets 239
U.S. equity, active 184
U.S. bond, active 43
Cash 12
Defined contribution assets 132
No. of portfolio managers 10
Size of research staff 1
William D. Witter Inc. is an active domestic equity and fixed-income manager.
For equities, its strategy is fundamental, based on security valuation. It emphasizes small-cap, underowned growth companies.
For fixed-income, its approach focuses on interest rate anticipation and maturity structuring.
The asset mix Jan. 1 was 77!! stocks, 18!! bonds, 5!! cash.
William D. Witter is chief investment officer and client contact.
