Bond starts new firm.

Last September, just two weeks after announcing his departure from W.R. Lazard & Co., former equity portfolio Manager Alan Bond, opened the doors of his own firm--Bond, Procope Capital Management. Bond's ability to set up shop so soon after leaving one of the nation's largest minority-owned investment management firms is yet more evidence that African-American money managers are acquiring the experience and track records necessary to stake a larger claim in the quickly expanding investment marketplace.

Bond, Procope, which opened Oct. 1 with $51 million under management, is a joint venture involving black and white investment partners. Ernesta and John Procope, proprietors of New York-based E.G. Bowman Co. Inc., the nation's largest black-owned commercial insurance broker, own 36% of the new firm. Former New York City Comptroller Harrison Goldin, together with George Baker and Richard Nye, own a 34% share of the firm. Baker's and Nye's New York-based risk arbitrage firm, Baker, Nye Advisors, will also lend administrative assistance to Bond, Procope. Bond, who owns the remaining 30% of the firm, emphasizes that neither investment group will have input into money-management decisions or the day-to-day operation of the business. He will act as president and CEO of the firm. Ernesta Procope will serve as chairperson of the board.

Bond says he left W.R. Lazard because he wanted "to be the visionary of a firm whose focus is solely on money management." His departure was made easier because his association with E.G. Bowman and Baker, Nye alleviated concerns about the new firm's capitalization and administrative capabilities.

Several of Bond's clients at W.R. Lazard were impressed enough to transfer the management of their portfolios to Bond, Procope. But he insists that taking clients with him didn't prevent him from leaving on amicable terms. "I'm still affiliated with [W.R. Lazard] through a subcontract with one account," Bond says.

Bond, Procope's five-year goal is to manage 50 accounts with more than $1.5 billion under management. Bond estimates that in less than a month, the $51 million the firm manages for its seven clients had helped it generate revenues of more than $150,000.

"When the entrepreneurial bug hits, it's hard to shake off," says Bond. "You reach a point where you want to grow and be creative to the extent that your dreams will take you."

His new business partners feel Bond's dreams can take him--and them--very far. "He (Bond) has an enviable reputation and is widely known for his astuteness as an asset manager," says Goldin.