Former investment management professionals from Smith Barney Capital Management have opened a new minority firm focused on domestic fixed income.
Cypress Asset Management, Carmel, Calif., was launched early this year. So far, it has one pension fund client, but the account hasn't been funded yet, said Xavier Urpi, a principal in the new firm.
Cypress offers core, short-term and intermediate bond portfolios. The firm concentrates on maintaining tight duration control and adding value through sector and security selection, Mr. Urpi said.
Mr. Urpi, a former portfolio manager at Smith Barney Capital, New York, will share the portfolio management responsibilities with portfolio manager Marcea Driscoll, a former analyst with Dinner Key Advisors. They are joined by Donald Curran, a former marketer at Smith Barney Capital, who heads the new firm's marketing efforts.
The firm is targeting accounts of $5 million to $25 million and will seek clients from all segments of the pension market, said Mr. Urpi.