Marx L. Cazenave II announced the creation of Cazenave Partners, of which he will be chairman and CEO. Victor L. Hymes was named CIO. The firm will use a management strategy similar to that of Progress Investment Management, where Mr. Cazenave was president and CEO until his resignation in October. Progress was acquired by Liberty Financial in 1998, and Liberty was acquired by FleetBoston Financial early last year. Thurman V. White Jr., president, succeeded Mr. Cazenave at Progress.
Mr. Hymes was a managing director and headed the institutional business of Zurich Scudder Investment Management until his resignation in March. Zurich Scudder is now owned by Deutsche Bank.