Nobel laureate at independent B-D? Markowitz joins Dallas firm

1st Global Capital Corp., an independent broker-dealer, has snagged star economist and Nobel laureate Harry Markowitz as an adviser for its investment management committee and a consultant to its investment management group. Mr. Markowitz, dubbed the father of modern portfolio theory, will have plenty of face time with advisers — especially at conferences and other industry events, said Tony Batman, chief executive of 1st Global. It is the first time Mr. Markowitz has worked with an independent broker-dealer, Mr. Batman said. A focus of Mr. Markowitz's work with advisers will be the role of alternative asset classes that can be illiquid or leveraged and how that meshes with modern portfolio theory in creating clients' portfolios, Mr. Batman said. Understanding the proper “risk/return framework” in a complex and risky investment environment will also be Mr. Markowtiz's focus, he said. 1st Global, based in Dallas, focuses on advisers affiliated with tax, accounting and law firms. 1st Global's Investment Management Solutions platform has $3.2 billion in assets under management.