Schroder Salomon Smith Barney's (SSSB) Elliot Hornblass has quit the firm to join US asset manager, the Swarthmore Group.
Hornblass, who has quit his position as the investment bank's head of European high yield syndicate, will be teaming up with former colleague Joe Manheim, at Swarthmore. Manheim and Hornblass will be heading up Swarthmore's new European operations.
A spokesman for the Philadelphia-based asset manager said that Swarthmore Europe's initial offering would be a hedge fund product, involving European high yield bonds. The firm is currently seeking regulatory approval for the opening of an office in Europe, the spokesman said, but declined to give further details.
Established in 1992, the Swarthmore Group is an independent fund management firm that specialises in the management of equity investment portfolios for corporate pension and profit sharing funds. It also serves public employee retirement funds, labour union retirement funds, foundations, endowment funds and other pools of capital. As of December 30, 1999 the firm's assets under management exceeded $400m.
By Geoffrey Ho
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