A group of Wachovia Securities' top investment strategists have left the firm to form their own advisory shop.
Rod Smyth, Wachovia's chief investment strategist; Michael Jones, chief investment officer; and Doug Sandler, chief equity strategist, have joined former Wachovia colleague Peter Quinn at Riverfront Investment Group LLC in Richmond, Va.
Riverfront announced the departures today.
The men, who were based in the Richmond, Va., have the same job functions they held at Wachovia.
The move had been expected among Wachovia brokers InvestmentNews, March 31).
Riverfront is in talks with Wachovia about providing research and money management services, said Mr. Quinn, who is chief operating officer at Riverfront.
"We are in the process of finalizing that," he said.
In the meantime, the former Wachovia investment team is helping transition Wachovia's investment functions to A.G. Edwards, he said.
Robert W. Baird & Co. of Milwaukee, a regional firm, and Private Advisors LLC of Richmond, Va., an alternative investments firm, are minority investors in Riverfront.
Riverfront will be doing business with Baird, Mr. Quinn said.
For now, Private Advisors is simply an investor in Riverfront, he said.
the Richmond, Va. of the Charlotte, N.C.