Alex. Brown aids new investment firm

December 15, 1992|By David Conn | David Conn,Staff Writer

Alex. Brown Inc. announced yesterday that it has taken a small equity interest in a new investment management firm created by Richard C. Hackney Jr., who is leaving Alex. Brown to establish Hackney Capital Management L.P.

Mr. Hackney, who was president of Alex. Brown's Flag Investors Emerging Growth Fund, is majority owner of his new firm.

Five years ago, Baltimore-based Alex. Brown helped broker Nathan A. Chapman Jr. leave the firm and set up his own, now a successful minority-owned brokerage with offices in about a half-dozen cities.

Hackney Capital Management will initially operate out of Alex. Brown's offices and will share the company's research, marketing and back-office support services.

"With this level of support, we can focus immediately on our business -- constructing and managing equity portfolios for institutional clients," said Mr. Hackney, 46, who said he plans to serve corporations, government entities, endowments and non-profit organizations.

Hackney Capital Management joins the 170 minority- and woman-owned investment management firms in the United States, according to the National Investment Managers Association, which said that emerging investment firms manage more than $40 billion.

Before his five years with Alex. Brown, Mr. Hackney was a vice president and portfolio manager at Morgan Guaranty Trust Co. in New York. He ran the Special Equities Common Trust Fund, with $450 million in assets.

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