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Pacholder Associates Inc., a money management firm, has lost a client that accounted for more than 50% of the privately managed money it handles.
Baltimore-based USF&G Corp. recently formed its own money management unit, Falcon Asset Management, bringing those functions in-house. Consequently, it decided in August to pull $600 million that Pacholder had been managing for it, said Sue Lovell, a USF&G spokeswoman. The account was part of the investment portfolio of USF&G Insurance, a subsidiary of the corporation. Pacholder managed the money using the high-yield bond investment strategy...