SECURITIES
From Times Staff and Wire Reports
Provident to Remain in Pasadena: Provident Investment Counsel, a $14.5-billion money management firm, said it foresees no changes in its 107-person staff or operations despite the sale of the business to United Asset Management of Boston. Provident, a 43-year-old institutional investor, said its five senior partners decided to sell their stakes to UAM partly for estate tax reasons. Provident’s chairman, Robert Kommerstad, is 67. The firm is one of the nation’s biggest growth-stock investors. UAM, which will have assets of about $120 billion after the purchase, has largely grown through acquisitions of private institutional investors.
