A new minority-owned money management firm plans to emphasize a commitment to socially responsible investing.
Nubian Asset Management, New York, plans to screen out companies that tolerate discrimination against women and minorities, according to Ron Scott, chief executive officer, and John Zimmerman, chief financial officer.
The firm registered as an investment adviser last month with the Securities and Exchange Commission. It now is making presentations to sponsors.
"We're not in front of CalPERS yet, but that's where we'd like to be," said Mr. Zimmerman.
Messrs. Scott and Zimmerman previously were managing directors of Ladenburg, Thalmann & Co., New York, and are starting with $20 million they were managing at the investment bank for small pension funds and wealthy individuals. Mr. Zimmerman said the firm would like to increase its assets to about $200 million.
The firm has three portfolio managers, and will have access to the 17 analysts of Ladenburg, Thalmann, which is a minority investor in the new venture.
Nubian Asset Management will manage mainly growth equity or balanced accounts and will invest in small- to midcap companies. Mr. Scott said it plans to follow socially responsible investment rules, particularly avoiding companies that discriminate against women or minorities.
Nubian also plans to donate a portion of its profits to charity, although Mr. Zimmerman said the details have not been determined.