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In a move that has surprised many, Eric McKissack (above photo), an integral part of the management team at Ariel Capital Management (No. 1 on the 2002 BE ASSET MANAGERS list with $7.82 billion in assets under management), has left the money-management firm. McKissack, who served as vice chairman and co-chief investment officer, and who managed one of the firms largest mutual funds, characterizes his departure from Ariel (BLACK ENTERPRISE 2001 financial services company of the year), after 16 years, as a personal sabbatical. McKissack says he plans to work with his familys business, McKissack McKissack, an engineering and architectural firm based in Washington, D.C. McKissack ran the companys top-ranked Ariel Appreciation mutual fund since its launch in 1989.
Harbor Bankshares Corporation, the parent company of The Harbor Bank of Maryland (No. 10 on the 2002 BE BANKS list with $186.59 million in total assets), has formed two new subsidiaries designed to spur economic development in the greater BaltimoreWashington, D.C. metropolitan area: a nonprofit community development corporation (CDC) and a specialty finance company designed to bring private sector investments to the urban market place. The not-for-profit subsidiary will operate as Harbor Bank of Maryland Community Development Corp. The for-profit unit, established in conjunction with Baltimore Citys Mayors Office and Empower Baltimore Management Corp., is a community-development entity, or CDE, and will operate as Harbor Bank of Baltimore Metropolitan Area Development L.L.C. With the CDC and CDE subsidiaries, Harbor will be able to raise private capital from companies, banks, foundations, and other civic organizations without the restrictions placed upon banks. The CDE will also take advantage of the New Markets Tax Credit, a program that grants tax breaks for those who invest in disadvantaged communities.