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Rating:Putnam Lovell Splits Off Private Equity Arm Not Rated 2.3 Email Routing List Email & Route  Print Print
Friday, February 20, 2004

Putnam Lovell Splits Off Private Equity Arm

by: Caitlin  Pickall

Investment banker Putnam Lovell NBF is building a wall to prevent any conflicts of interest between its equity and other activities by separating its venture capital arm. The Private Equity Group, which also operates as Putnam Lovell Capital Partners Inc., is being restructured as Lovell Minnick Partners LLC, an independent company.

Lovell Minnick is also currently developing one new fund, according to company officials.

The move “will provide for greater independence in our operation and freedom from concerns about conflicts of interest with their other activities," said Jeff Lovell, Chairman of Lovell Minnick Partners.

Lovell Minnick Partners, will provide growth capital to companies in global financial services and manages partnerships for qualified investors. It focuses on investment management, securities brokerage, financial product distribution, and financial technology.

The restructuring is being carried out without significant changes to the team. The new firm will maintain its offices in Los Angeles and New York. Also, the 10 employees who worked on the team when it was known as Putnam Lovell Capital will stay on at Lovell Minnick.

Lovell, President James E. Minnick and General Counsel Jennings J. Newcom hold the top posts at Lovell Minnick Partners and are each managing directors. The three were previously managing directors of Putnam Lovell Capital Partners, which they organized in 1999.

Putnam Lovell NBF and its parent National Bank Financial (NBF), both affiliates of the National Bank of Canada, will retain minority ownership of the new firm.

Kym Anthony, president and CEO of NBF is "supportive" of the restructuring and looks forward to the “continuing association and strategic relationship with Lovell Minnick Partners."

Partnerships managed by Lovell Minnick hold investments in fifteen portfolio companies, including firms such as Arrowstreet Capital, AssetMark Investment Services, Atlantic Asset Management, Berkeley Capital Management, Stein Roe Investment Counsel, and UNX Holdings Inc. 

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