The business venture of two former top executives at Credit Suisse Asset Management got off the ground today. Silvercrest Asset Management Group, created by G. Moffett Cochran and Martin Jaffe, the former president and CFO, respectively, of CSAM, began formal business operations today.
Cochran and Jaffe left CSAM in mid-2001 to start Silvercrest. The firm, which is located in New York City, will provide traditional and alternative asset management primarily to families and individuals with more than $25 million in investable assets. It will also provide asset management to foundations, endowments and other institutional investors.
Silvercrest plans to offer a "limited range" of in-house core equity and fixed income investment management capabilities and will outsource other traditional and alternative ones, the firm said. In addition to simple asset management services, the firm will also offer tax, financial planning and "family office" services, such as bill paying and accounting.
"Our clients will benefit from two basic strategies--a strict focus on wealth management and advisory services that are independent of big--firm conflicts of interest, coupled with an unwavering dedication to client attention," said Cochran in a statement. "In a marketplace that is crowded with products, we plan to differentiate our firm on the basis of service.
At CSAM, Cochran and Jaffe were responsible for managing about $100 billion in assets. Before going to CSAM they served as CEO and COO, respectively, for DLJ Asset Management. They moved to CSAM when Credit Suisse acquired DLJ in 2000.