Proctor Investment Managers, which will provide distribution and risk management services for boutique investment managers, has been formed by employees of Overture Asset Management.
Former Overture Chairman and CEO James Coley will hold the same titles with Proctor. Mona Aboelnaga, formerly senior managing director and head of strategic development and acquisitions at Overture, will serve as Proctor's president. Employees of Overture, which also provided outsourced sales and marketing capabilities to boutiques, officially moved to Proctor last month.
Mr. Coley said in an interview that Overture exists as only as a "shell holding company." Overture owns Avatar Associates, a quantitative investment manager. Proctor has marketing partnerships with Avatar and quant manager Ashland Management, said Mr. Coley.
National Bank Financial of Canada provided Proctor with $15 million to fund the new venture.