A team of veterans from well-known Lockwood Advisors Inc. is creating a registered investment advisory firm that will create customized investment strategies and services for independent financial advisers, broker-dealers and institutions
A team of veterans from well-known Lockwood Advisors Inc. is creating a registered investment advisory firm that will create customized investment strategies and services for independent financial advisers, broker-dealers and institutions.
The new firm, Palladiem Partners LP, will be led by Donald R. Robinson, the former chief investment officer and a founder of Lockwood. He is chief executive and co-chief investment officer of Palladiem, which is based in Radnor, Pa.
Lockwood was independent before The Bank of New York bought it in 2002. Soon after, the bank acquired Pershing LLC, and Lockwood eventually became affiliated with Pershing.
“I think the environment is right for this,” Mr. Robinson said. “It's a time when a lot of good companies are hatched.”
Palladiem will be very “investor-centric” and will focus on risk management, said Mr. Robinson, who left Lockwood last month.
One industry observer noted that industry veterans such as Mr. Robinson are in a position to create businesses that capitalize on the industry's move to a universal fiduciary standard of care.
“It couldn't be a better time,” said Stephen Winks, an industry consultant. “There isn't a large organization out there that supports the fiduciary standard.
Palladiem will focus on independent advisers and financial institutions such as community banks, insurance companies and asset management firms, for which the firm could subadvise funds, Mr. Robinson said.
Other former Lockwood executives joining Palladiem include David Feldman, president and co-chief investment officer; Joseph Scavetti, chief operating officer; and Stephanie Mackara, chief marketing officer.
Trinity Capital Partners LP invested in Palladiem, Mr. Robinson said.
“We have received a number of calls from prospects over the past two weeks,” Ms. Mackara said.
“Based on these conversations, we anticipate between $200 million to $300 million in direct and subadvisory accounts coming on board in September,” she said. “We have filed our Form ADV ... and will be operationally ready to take on accounts over the next several weeks.”
Pershing spokesman Paul Patella declined to comment about Mr. Robinson's departure.
Email Bruce Kelly at bkelly@investmentnews.com
