Emigrant Savings Bank and Courtney Group have set up a private...

Emigrant Savings Bank and Courtney Group have set up a private investment fund with up to $150 million in capital. Emigrant Capital will offer financing to small and midsized investment management firms to fund growth strategies, which can include acquisitions and management buyouts, said Thomas Courtney, president of Courtney Group, which will advise the bank. ‘‘The small commercial banks and insurance companies that have traditionally funded (small) businesses have been diverted to larger transactions by the wave of mergers and acquisitions in the banking industry,’’ Mr. Courtney said. Emigrant Capital hopes to fill that void, said Gilbert Stein, vice chairman of Emigrant Savings and president of Emigrant Capital.