Howard Trauger's $80 million-asset Schuylkill Capital Management has joined $1 billion-asset Carnegie Investment Counsel, a Cleveland-based money manager. Trauger and his partner Scott Inglis will continue to run the business as Carnegie's local output from their Center City offices.

Trauger, who started in securities as a runner with the old Auchincloss firm in 1967 and went on to work in the Girard, First Pennsylvania and Provident trust departments, was a pioneer among the old-guard trust officers who started and ran their own credit analysis-research-portfolio management firms through the bull market of the 1990s and the industry consolidation and dispersion that followed.

He has headed the Financial Analysts of Philadelphia, Philadelphia Securities Association and the Bond Club of Philadelphia. Richard Alt, boss at Carnegie, tells me his firm's expanding office network and centralized administration will support Schuylkill customers and new business.