Sovran Capital Managements entire investment team resigned (departed en masse) Sept. 22 after negotiations to buy the firm from Bank of America broke down. Eight employees, led by Sovran President Brad Coats, launched a new firm, Agincourt Capital Management. "I dont think they thought wed leave, said Patrick OHara, Agincourt managing director, formerly marketing director at Sovran. The professionals did not have employment contracts or non-compete agreements with BofA, he said. Sovran manages $5 billion for pension funds and endowments. "We have a number of highly qualified and experienced fixed-income and investment professionals servicing the accounts of Sovran Capital Management, Bank of America officials said in a statement. Mr. Coats is president of the new firm. Portfolio managers are Duncan Buoyer, Pat Kelly, Bill Armes and Bill Putnam. Marketing analyst Laura Haynie and analyst Scott Marshall also belong to the new employee-owned firm. "Weve got several verbal commitments from clients and their response has been positive, Mr. OHara said.