The MDE Group, the New Jersey wealth management firm, has spun off its asset management business to create a new investment advisory firm.

Risk 3.0 Asset Management, the resulting company, is designed to provide registered investment advisors with a risk-centric approach to investing based on The MDE Group's Risk 3.0 Investment Solutions offering, the firm said in a statement. 

It will be led by D Erik Leishman as senior vice president of business development. Prior to this role, Leishman was a vice president and RIA segment specialist for fixed income sales at Morgan Stanley Smith Barney. He also previously served as SVP of sales for the East Coast at Concord Wealth Management and as VP and national sales consultant for The Reserve Funds in New York.

The MDE Group provides financial services to high net worth families, corporate executives, endowments and foundations. It has around $1.3 billion in assets under management.