Smith Graham was founded in Houston 19 years ago — one of the nation's largest African-American owned investment management firms.Î¾ Gerald Smith says this is a good point in the down economy for the acquisition to happen.
"Even if you stayed with the market, your asset levels will be down by 50 per cent over the past 12 to 14 months.Î¾ That's significant.Î¾ And it's unfortunate, obviously, because of the volatility in the marketplace, so what we believe that we've done in buying especially the small cap and equity business at what we believe is close to the bottom, we are positioning ourselves where we do have the opportunity to wait out the market, and obviously we have a lot of capacity to grow with as the market returns."Î¾
Smith Graham opens its New York office at 140 Broadway this morning.
"Well, we're adding 15 professionals from Ark.Î¾ We're opening up an office in New York City, which is a great building in downtown New York City.Î¾ We will be adding some great client relations and client service people along with that."Î¾
Ed: "140 Broadway — that's a nice address.Î¾ Are you going to be there for the opening on Monday?"
"Oh, absolutely.Î¾ And my two partners from Houston, Jamie House and Cyril Theccanat, will be joining me here in New York, so we're very, very excited."Î¾Î¾
Smith Graham rose from 16th to 12th place in its industry in the Houston Business Journal's 2009 Book of Lists.Î¾
Ed Mayberry, KUHF Houston Public Radio News.