William Grady and George Graham, former co-heads of principal finance at Salomon Smith Barney, have left the bank to start their own venture, named Gryfon Partners LLC., with the purpose of making equity investments in non-mortgage assets that can be leveraged through securitization. Prior to spearheading the principal finance effort in May (see ASR 5/13/02), the duo ran the global asset-backed finance group. Principal finance remains a unit under the global securitized products umbrella, noted MD and global group co-head Jeffery Perlowitz. No successor to Graham and Grady has been named as of yet. Graham joined Salomon in 1984 and Grady in 91.