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For the second time this summer, a money management firm in the Cleveland area is struggling to keep its clients after key portfolio managers jumped ship.
Greenleaf Capital Management LLC of Shaker Heights has lost 40% of its assets under management, or roughly $180 million, since two of its partners and top portfolio managers - Ronald Lang and Diane Stack - left the company in May to start their own money management firm, called North Point Financial Advisers. The new firm, located at 23240 Chagrin Blvd. in Beachwood, manages investment accounts on behalf of high net worth individuals.
Though Greenleaf's founding partner, Jeffrey Greenleaf, described the pair's exodus as "painful," he said the two sides avoided the sort of nasty breakup that occurred in June between Stein Roe & Farnham Inc. of Chicago and eight of its...