Top staff from $200 billion managed account vendor Lockwood Partners have jumped from that firm to start their own company, and the assets are already pouring in.
CEO and co-chief investment officer Donald Robinson is telling reporters "it's a time when a lot of good companies are hatched."
That's why he and several other C-level executives from Lockwood started Palladiem Partners to do much the same thing that Lockwood does now, only on an independent basis.
Lockwood started life as an independent vendor of third-party investment advice and solutions for RIAs and various types of captive advisor.
But Bank of New York bought it about a decade ago and folded it into Pershing.
By this point, Lockwood's reach has been expanded through Pershing's ongoing acquisitions -- most recently PNC GIS -- but its brand has been diluted.
As of April, it managed $208 billion under the "Pershing Managed Account Solutions / Lockwood Advisors" brand.
Robinson and team claim they have so many prospects that they'll be running $200 to $300 billion by the end of the month.
's a time when a lot of good companies are hatched.”