Updated with correction
The team leading money manager Payden & Rygel's $2 billion institutional consulting practice — Gerard Tamparong, Frank Lee and Michael Treidl — left to join Miracle Mile Advisors to help build out a new institutional business, Messrs. Tamparong and Lee said.
Messrs. Tamparong and Lee are managing directors and Mr. Triedl is a director at Miracle Mile. Messrs. Tamparong and Lee were senior vice presidents and Mr. Triedl was a vice president at Payden & Rygel, where they worked together for 12 years. Mr. Lee was the head of all equity strategies and was CIO for the asset allocation group. Mr. Tamparong lead client services and Mr. Treidl was head of operations in the asset alocation division at Payden & Rygel's institutional investor division, as well as vice president and portfolio manager in its asset allocation group.
A Payden & Rygel spokeswoman was unable to immediately provide information about their replacements.
"I sit on several boards of small to midsize foundations and as a board member we crave the same kind of fiduciary advice that Miracle Mile provides to our clients so partnering with an institutional team was a no-brainer," said Duncan Rolph, managing partner at Miracle Mile Advisors, in an email.
Miracle Mile provides investment advice to high net worth individuals, families and business owners.
The team will focus on institutional investors with assets of $100 million or less, Mr. Tamparong said.
He added that moving to Miracle Mile will allow the team to develop customized portfolio solutions for institutional investors without being tied to using proprietary funds.
"There is a trend of ... reducing conflicts" and the use of proprietary funds can create conflicts, he said.