Commonwealth Management Partners of Greenwich, Conn, has started a registered investment advisory and wealth management firm, according to media reports.

Called Commonwealth Asset Management, the unit will initially focus on a variety of "conservative but highly flexible" fixed-income strategies, Commonwealth was quoted as saying. The unit will target high-net-worth clients and selected institutional clients.

It will be managed by Henley Smith, whose 25 years in the fixed-income sector include 10 as chief investment officer of Gabelli Fixed Income. He was also the investment chief of a New York wealth manager that specialised in high-grade municipal bond investing.