A group of top executives from Lockwood Advisors, the leading SMA platform provider that is a subsidiary of BNY Mellon and an affiliate of Pershing LLC, have broken away to form a new company, called Palladiem Partners, that will be led by Lockwood co-founder and former CIO Donald Robinson as CEO.
To be based in Radnor, Pa., by dint of its leadership alone the new company will be a force to be reckoned with in the separately managed account arena, and the defection may well be a blow to Pershing, which is the leading clearing firm for independent broker-dealers and a custodian to many high-end RIAs. Lockwood is a key component of Pershing’s Managed Account Solutions (MAS) service; Bank of New York acquired Lockwood in 2002, a year prior to the acquisition of Pershing by Bank of New York
Through a spokesman, Pershing declined to comment on the launch of the new firm.
In addition to Robinson, other ex-Lockwood executives joining Palladiem include:
- David Feldman, formerly director of investments at Lockwood, who will serve as president and co-chief investment officer of Palladiem;
- Joseph Scavetti, former director of trading, operations and risk management, who will serve as COO of Palladiem;
- Stephanie Mackara, former director of product development and strategic initiatives, who will serve as chief marketing officer at Palladiem.
Also joining the firm as managing director and CFO is David Gibson, former CFO of The Wilmington Trust Co.
In a statement, Robinson said the intent of “establishing ourselves as an independent firm that is nimble and takes an active approach to total risk management will differentiate us in the marketplace and best position us to serve our clients with the type of independent, best-in-class conflict-free advice they seek from their partners.”
In an interview with AdvisorOne on Tuesday, Robinson acknowledged the trove of human capital that has moved from Lockwood to Palladiem, but said “we’re not bringing assets over directly” from the Lockwood platform, though he said there had already been much interest in Palladiem from the industry. “There are people calling us from all walks of life,” he said, such as “from the wirehouses and banks.” Moreover, “we’re not
affiliated with any large financial intermediary,” which gives Palladiem the “ability to be nimble, quick and decisive.”