New US Investment House Hires Wachovia Team

Tom Burroughes

4 June 2008

A US investment management and advisory firm launched by a team of ex-Wachovia Securities managers in April has added 10 former colleagues just two months after it set up for business, the firm said.

Riverfront Investment said it has added five partners including portfolio managers, and relationship managers and portfolio administrators.

Tim Anderson works as chief fixed income officer. Paul Louie is director of small- and mid-cap portfolio management. Marc Cheatham is to be director of technology and operations. Bill Rynder joins as the director of quantitative strategy and Sam Turner is the director of large-cap portfolio management. All these individuals performed similar roles at Wachovia.

The team works with a client base that includes high net worth investors, families and institutions.

Riverfront was launched by Michael Jones, the former chief investment officer at Wachovia and colleagues.

The departure of the team from Wachovia comes at what has been a torrid time for the US bank. On Monday, Standard & Poor’s, the US rating agency, warned it may cut Wachovia’s credit ratings after the US bank ousted its chief executive, KenThompson, following growing legal troubles and loan losses tied to the purchase of a large mortgage lender just before the US housing market sank.