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BUMPY ROAD SINCE STEIN ROE SPLIT-UP: FIRMS STRUGGLE WITH ASSET DRAIN, EXECS' EXODUS.
Crain's Chicago Business, July, 1999 by ARNDORFER, JAMES B.
Despite their common name and Chicago address, Stein Roe Mutual Funds and Stein Roe Private Capital Management operate independently. But there's one thing the firms share these days: instability. The two companies have been wracked by a drain of executives and assets since being split up last August by Boston parent Liberty Financial Cos.
The newly minted chief executive of Private Capital Management must contend with last month's loss of the firm's Cleveland office and its $900 million in customer assets. Potentially worse: Competitors such as Chicago's Bank One Corp. and Wisconsin's Strong Capital Management have sniffed at Stein Roe's Chicago stable of money managers, whose wealthy client roster represents more than half of the unit's $8.1...
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