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Article: 1838 closes quietly after returns and assets drop.(News)(1838 Investment Advisors LP)
- Article from:
- Pensions & Investments
- Article date:
- August 8, 2005
- Author:
CopyrightCOPYRIGHT 2005 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Douglas Appell
KING OF PRUSSIA, Pa. - 1838 Investment Advisors LP, a money manager with a long history and more than $14 billion under management at its peak, closed at the end of June, industry sources said.
Plagued by weak performance, the company's assets under management had fallen to $3.6 billion by March 2004, when a management team and Orca Bay Partners, a Seattle-based private equity firm, bought out the company from its parent, MBIA Inc.
Assets continued to hemorrhage under the new owners. With wrap-fee plan providers - including Smith Barney Citigroup, Legg Mason, Prudential Investments and LPL Financial - dropping 1838 from ...