A number of former top executives at Lockwood Advisors ( a unit of BNY Mellon’s Pershing Division) left to start their own firm called Palladiem Partners. They are making available a group of full-porfolio strategies targeting RIAs, advisors, independents and family offices. They will directly compete with their old firm.
The gist of my comments were that:
1. Unlike most start-ups, given the experience of this team, they should be able to attract clients from their old firm and thus they have a greater chance of success than many other start-ups.
2. The market for fully constructed turn-key portfolios is a growing one and should continue to grow into the future.
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