Financial Services Industry
Industry: Email Alert RSS FeedSOVRAN INVESTMENT TEAM LEAVES TO START NEW FIRM.(Review)
Pensions & Investments, October, 1999
RICHMOND, Va. -- The entire investment team of Sovran Capital Management resigned last month after negotiations to buy the firm from Bank of America broke down. Eight employees, led by Sovran President Brad Coats, launched a new firm, Agincourt Capital Management. ``I don't think they thought we'd leave,'' said Patrick O'Hara, Agincourt managing director, formerly marketing director at Sovran.
The professionals did not have employment contracts or non-compete agreements with BofA, he said. Sovran manages $5 billion for pension funds and endowments. ``We have a number of highly qualified and experienced fixed-income and investment professionals servicing the accounts of Sovran Capital Management,'' Bank of America officials said in a statement....
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