HMH Investment Advisors, an affiliate of United Asset Management, will close this summer, said UAM spokesman Jonathan Hubbard.
HMH, formerly called Hagler, Mastrovita & Hewitt, was devastated by the loss of a big foreign client earlier this year, and will close by July or August. UAM officials won't name the client or the size of the portfolio; HMH officials were not allowed to comment.
The client realigned its managers and HMH was eliminated, ``not necessarily'' for performance problems but more likely because the firm was so small, he said. Afterward, UAM and HMH officials agreed HMH didn't have the critical mass to continue operations, he said. HMH, a large-cap U.S. equity manager, managed $1.1 billion at the end of 1997.
HMH is the third UAM firm to be disposed of recently. Last fall, Newbold's was folded into Pilgrim Baxter; in December, UAM closed Ki Pacific.