A new investment management shop has opened in Palm Beach, Fla., dubbed Crest Investment Partners LLC.

The partnership is a subsidiary of Cypress Capital Group, itself a $830 million boutique trust and investment services firm.

Co-founders Massimo Santicchia and Katherine Gallagher head the new firm, which will launch equity and multi-asset products including equity mutual funds, exchange-traded funds, and alternative investment strategies, for high-net-worth and institutional investors.

Santicchia most recently served as a vice president of Standard & Poor’s Investment Advisory Services where he led the investment team and developed and co-managed equity funds.

Gallagher, too, hails from Standard & Poor’s where she served as a senior portfolio officer in the firm’s investment advisory services unit, managing multi-asset portfolios and leading the fund manager research effort.

“Crest’s unique investment strategies are built to exploit market inefficiencies through focused portfolios with distinctive characteristics, rather than attempt to mimic a benchmark or style-boxes,” stated Santicchia.

Gallagher added that: “We believe that an independent organization with employee ownership best aligns Crest with our clients. Employee ownership provides for long-term incentive and stability.”

Hung Tran writes for Money Management Executive.