LMCG Investments' value equity team is spinning off into its own boutique firm, Leeward Investments.
The new 100% employee-owned firm will be led by R. Todd Vingers, LMCG Investments' managing director, value equities. Mr. Vingers will be president of Leeward.
Also moving to Leeward are Jay C. Willadsen, portfolio manager, and three investment analysts, as well as seven senior operations, compliance, trading and distribution staff, Mr. Vingers said in an interview.
Terms of the deal, which is expected to close in the first quarter, are not being disclosed, he said.
Leeward Investments will have just over $3 billion in assets under management when the move is complete. The firm will also replace LMCG Investments as subadviser of the $875 million Touchstone Mid Cap Value Fund and the $76 million Touchstone Small Cap Value Fund on or around Feb. 1, according to an SEC filing Thursday from Touchstone Advisors.
The team will continue to be based in Boston.
Christopher Premock, spokesman for LMCG Investments, could not be immediately reached for further information.