A former Vanguard investment fund manager has established a wealth management firm in California to target millionaire investors he sees as relatively neglected, a group that analysts say midsize banks also are pursuing.

F. Jack Liebau, Jr. announced late last month he was starting Liebau Asset Management Co., Pasadena, Calif. It will manage domestic equity portfolios for individuals with $1 million to $5 million of assets, endowments, foundations and corporate pension plans, he said, and will offer separately managed accounts.

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