Lockwell Investments, a small-cap and smidcap value equity boutique, was launched Monday by a portfolio management team that had recently come over to Invesco with Morgan Stanley’s Van Kampen Investments business.
In a telephone interview, Richard Glass, the team’s lead portfolio manager and a principal of the new firm, said Lockwell is starting out with nine people, and will be able to reference the team’s historical performance record.
Mr. Glass described his team’s departure from Invesco as “amicable,” noting he and his colleagues decided it was a good time to launch an institutionally focused, independent boutique that could “really just focus on what we do.”
The New York-based team, which was managing more than $1.5 billion in client assets at Invesco Van Kampen, is starting with several million dollars in seed money. Mr. Glass said all of the Lockwell’s financial professionals, including sales and marketing people, will have some equity in the firm.
Invesco spokesman Bill Hensel said the transition had been planned as part of Invesco’s acquisition of Morgan Stanley’s retail business. An Invesco team led by senior portfolio manager Canon Coleman has assumed responsibility for the small-cap funds Mr. Glass’s team had been overseeing, he said.