Glenmede Trust on Jan. 1 will open a new money management firm, Glenmede Investment Management, offering quantitative, large-cap value and small-cap core equity strategies, said Gordon Fowler, CIO of Glenmede Trust. Mr. Fowler will be CIO and managing partner at GIM. The firm was formed, in part, to meet anticipated institutional demand for quantitative strategies, Mr. Fowler said. Glenmede Trust plans to allocate between 5% and 15% of equity to senior GIM professionals; GIM will be wholly owned by Glenmede Trust. "We hope GIM will represent half of Glenmede Trust's $17 billion in assets in the next five years," he said. GIM had $5 billion in assets as of Sept. 30.
GIM is seeking a senior sales professional, a position Mr. Fowler said he hopes to fill in the next three to four months.