Several defectors from State Street Bank & Trust Co.'s global advisory unit have formed their own money management company to compete for large institutional clients.

The principal portfolio managers, Jay Leu and James Tovey, who until this week oversaw State Street's international fixed-income funds, formed Pacific Capital Income Advisors, Boston, on Wednesday.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.