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Brokerage loses three key workers

3 from Wachovia Securities start Riverfront Investment, to remain in Richmond area

By Carol Hazard

Times-Dispatch Staff Writer

The top investment leaders and strategists at Wachovia Securities left the brokerage yesterday to start their own investment advisory firm in Richmond.

Rod Smyth, the chief investment strategist; Doug Sandler, the chief equity strategist; and Michael Jones, the chief investment officer, have started Riverfront Investment Group.

They are joined by Peter Quinn, a former Wachovia Securities' colleague who was president of the private client group. Quinn left the firm in 2003 when Wachovia Securities merged with Prudential Securities.

Riverfront Investment Group is a registered investment adviser with the Securities and Exchange Commission. The first day of business is today, Quinn said.

The venture came about as a confluence of events that began with the corporate decision to move the headquarters to St. Louis.

"Richmond is our home -- it's where we plan on retiring and being the rest of our lives," Jones said.

The brokerage is moving from Richmond to St. Louis as part of parent company Wachovia Corp.'s $6.5 billion purchase last year of A.G. Edwards Inc., which is based in St. Louis.

Tony Mattera, spokesman for Wachovia Securities, said the firm went to extraordinary lengths to keep the top investment gurus.

"These are enormously talented people," Mattera said. "We regret that they are leaving. I have a lot of admiration and affection for them."

They could have stayed here in Richmond, Mattera said. "But this is clearly a burning desire to start this business. We wish them well."

Wachovia Securities did offer to keep the market chiefs in Richmond, but only after trying to persuade them to move to St. Louis, Jones said.

"We all felt like we wanted to make a long-term decision," Smyth said. "We built a team and created something special in terms of advice and investment products."

At Wachovia Securities, the team members managed a portfolio of $75 billion.

They hope to continue to be a resource for Wachovia Securities as money managers -- managing portfolios through investment advisers. Also, they will continue doing market commentary. The new business uses the Riverfront name, but it is not located in Riverfront Plaza, where Wachovia Securities was based."

"Riverfront has such strong ties to Richmond and Richmond is part of what we want the firm to symbolize," Jones said.

-- April 1, 2008

This article was re-published with permission from the Richmond Times-Dispatch