Chicago Investment Firm Plans Bank Stock Fund

By Rieker, Matthias | American Banker, August 17, 2000 | Go to article overview

Chicago Investment Firm Plans Bank Stock Fund


Rieker, Matthias, American Banker


Howe Barnes Investments Inc. of Chicago is preparing to launch a private investment fund focused on bank stocks.

The firm announced on Monday that it had formed a joint venture with Michael E. Sammon, its banking department manager, to create the fund. The deal is expected to close in about six weeks.

HBI Investment Funds LLC, the venture that would manage the fund, would be run by Mr. Sammon and Brad Ness, a banking analyst at the firm.

At Howe Barnes, Mr. Sammon and Mr. Ness have focused on community and regional banks with assets between $500 million and $5 billion.

"Mike Sammon's 30 years of experience analyzing and trading community bank stocks makes him the best possible choice to manage the fund," said John Hawke, president and chief executive officer at Howe Barnes, in a prepared statement.

Mr. Sammon's father, Howard, was president of the American Bankers Association in the late 1950s. Michael Sammon has been managing the firm's banking department for eight years, having spent 10 at Chicago Corp., now a unit of ABN Amro.

Mr. Sammon is legally restrained from giving information before the fund is fully established and the joint venture is closed. But in giving up his management position to move from analyzing to investment, his actions seem to speak of confidence in banking stocks. …

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