Two Connecticut-based executives have started a money management firm seeking to get a portion of the institutional assets in the state.
Howard Brown, a former state banking commissioner, and P. Wayne Moore, formerly a senior investment strategist at Aetna Life & Casualty Co., have started Greystone Capital Management Inc., Hartford, a minority-owned institutional fixed-income manager. The firm opened with a $250 million assignment from its minority owner, Phoenix Duff & Phelps Corp.
The firm manages a portfolio of U.S. securities and high-grade corporate bonds and may add small portions - up to 5% each -in high-yield bonds and dollar-denominated international bonds to enhance yield. The firm's strategy is duration- and convexity-neutral, which Mr. Moore said would appeal to pension funds that favor conservative management and protection of capital.
Portfolio management will concentrate on sector rotation and will avoid forecasting interest rates, said Mr. Moore, who is president and chief investment officer.
Mr. Brown is the chairman and chief executive officer of the firm, which is in the final stages of hiring a head portfolio manager who will be responsible for the day-to-day portfolio management.
The firm was to begin marketing in February and will concentrate on public and private pension funds, foundations and endowments in Connecticut, said Mr. Moore. He noted funds throughout the state allocate nearly $100 billion to managers.
The connection with Phoenix Duff & Phelps will give Greystone access to research for its portfolio management activities, which will also help attract clients, he said.