Tony Kao, former chief investment officer at Promark Global Advisors, and Raymond Iwanowski, one time co-leader of Goldman Sachs Asset Management's quant team, have launched SECOR Asset Management, a pension advisory and money management firm.
In a telephone interview, Mr. Kao said he and Mr. Iwanowski will look to offer advisory services, risk mitigation and solutions-driven portfolio management, and hedge fundlike alpha offerings, among other services.
Mr. Kao resigned from Promark at the end of July after parent General Motors decided to refocus that firm on managing GM's retirement assets, ending its effort to provide outsourced CIO services to external clients. Walter Borst, who left his job as General Motor's treasurer to become CEO of Promark, took over Mr. Kao's CIO duties as well. Mr. Iwanowski, who was a managing director and co-head of GSAM's quantitative team, left the firm in April 2009. He couldn't immediately be reached for further comment.