Robert W. Smith will become lead portfolio manager of T. Rowe Priceís $11 billion international stock strategy on Oct. 1, said Chairman Brian C. Rogers. As part of a change aimed at bolstering a strategy that has persistently lagged its benchmark, Mr. Smith will join current lead manager Mark Bickford-Smith. Dean Tenerelli, who helps look after the European segment of the fund, will concentrate on the firmís European funds, also as of Oct. 1. David J.L. Warren, who helps look after the fund's Japanese investments, will focus full time on managing the firm's growing investment operations outside the U.S., said spokesman Brian Lewbart. On Sept. 30, Mr. Smith will turn over responsibility for the $21.5 billion T. Rowe Price Growth Stock fund, a Morningstar five-star-rated fund he has managed since 1997, to P. Robert Bartolo, a co-manager of the $1.6 billion T. Rowe Price Media and Telecom fund. Henry Ellenbogen, Mr. Bartoloís co-manager on that fund, will become its sole manager. Mr. Smith has already been investing in international stocks for a portion of his growth stock fund, but the firmís decision to take one of its strong investors from the U.S. stock side is a sign of its determination to reinvigorate the international product, he said.
Edward Grefenstette was named treasurer and CIO at Carnegie Mellon University, Pittsburgh, confirmed spokesman Ken Walters. Mr. Grefenstette replaces John Mazur; Mr. Walters was not able say when Mr. Mazur left the university. Mr. Grefenstette will oversee the investment of the universityís $936.7 million endowment and report to Deborah Moon, CFO. Mr. Grefenstette is co-founder and an investment principal of Commonwealth Capital Group, a private equity firm in Pittsburgh; he could not be reached to comment on a replacement at Commonwealth.
Dana Dillon was selected as chairwoman of the CalSTRS board, and Jerilyn Harris as vice-chairwoman, confirmed Sherry Reser, spokeswoman for the $159 billion California State Teachersí Retirement System, Sacramento. Ms. Dillon, the former vice-chairwoman of the board, replaces Carolyn Widener, who remains as a board member. Ms. Harris joined the board in 2005. Both will be up for re-election next year.
William Hanes, executive director of the $16 billion Kentucky Retirement Systems, Frankfort, will retire on June 1, he announced at the fundís board meeting last Thursday. Mr. Hanes has been with KRS for 21 years and assumed the executive director position in January 2001. He will remain with the fund part-time after June 1 to help with the transition, if needed. ďItís just time,Ē Mr. Hanes said in an interview, adding he wants to spend some time with his son who lives in Alaska and with his grandchildren. Mr. Hanes has not determined what he will do next, but hopes it will be in public pension benefits, which is his passion, he said. Mr. Hanes plans to stay on the 24-member commission appointed by Gov. Ernie Fletcher to evaluate the state of KRS and resolve the problem of its unfunded liabilities. The commissionís first meeting is on April 16, and a final plan will be presented to the governor by Dec. 1.
Teachersí Retirement System of Louisiana, Baton Rouge, hired EFL Associates to find a replacement for Dan Bryant, CIO of the $14.7 billion fund, who will retire in May, confirmed Lisa Honore, spokeswoman. A new CIO will likely be named within 60 to 90 days, she said. Phil Griffith, who is joining the fund on April 23 as deputy CIO, will assume Mr. Bryantís responsibilities after his departure until a new CIO is named.
Alan Maguire was named a member of the Arizona State Board of Investment, Phoenix, according to spokeswoman Kimberly Yee. The board is responsible for reviewing the investment of $12 billion in state assets, serving as trustees of the Permanent Land Trust Funds, and approving the state treasurerís investment policy. Mr. Maguire is the president and principal economist of Maguire Co., an independent economic forecasting and public policy consulting firm, and was chief deputy to the treasurer from 1983 to 1987. He replaced Stephen Barnes, a principal and portfolio manager for Barnes Investment Advisory Inc., a private investment and financial planning firm in Phoenix.
Seattle City Employees Retirement System hired The Hawkins Co. to search for a new executive director. Officials of the $2 billion fund hope to have someone in place by July, said William Hawkins, CEO of the executive search firm. Mel Robertson, acting executive director and CIO at the Seattle fund, did not return calls for comment. Fund officials are looking to replace Norman Ruggles, who joined the $2.8 billion Denver Public Schools Retirement System as executive director in November.
Retirement Systems of Alabama, Montgomery, is looking for a fixed-income analyst to replace Joseph Walker, said CIO Marc Green. Mr. Walker left several months ago to join the investment staff at Microsoft Corp. The $30 billion system includes the Teachersí Retirement System of Alabama, the Employeesí Retirement System of Alabama and the Judicial Retirement Fund. All of the assets are managed internally.
Rupert A. Allan was named CEO of Tremont Group Holdings. Mr. Allan will remain president of the company and will have primary responsibility for the firmís $6 billion Tremont Capital Management hedge fund-of-funds business, said spokesman Montieth Illingworth. Mr. Allan replaces Robert I. Schulman, who was named president of Rye Investment Management, which runs about $3.5 billion in single-manager hedge funds. The position is new; Mr. Schulman will remain chairman of Tremont Group and a member of the investment advisory board of Tremont Capital. Separately, John J. Hock resigned on March 30 as executive vice president and head of global institutional sales at Tremont Capital. The firm is searching for a replacement and in the interim, Mr. Hockís duties have been assumed by the sales and marketing teams, said Mr. Illingworth. Mr. Hockís plans could not be learned.
Terri Becks was promoted to president and CEO of Campbell & Co., an alternative investment management firm. She replaces Bruce Cleland, who will be vice chairman, a new position, according to a news release. Mr. Cleland will remain an adviser to the executive committee while being treated for cancer, the release said. Ms. Becks was CFO; Keith Campbell, founder and chairman, said she will continue to perform her CFO duties until a replacement is named.
Raymond Kennedy, managing director and portfolio manager at PIMCO, stepped down in preparation for his retirement Aug. 30, according to an SEC filing. Mr. Kennedy managed the companyís high-yield strategies as co-head of the global high-yield business. He has been replaced by Mark Hudoff, executive vice president, portfolio manager and co-head of global high-yield, according to the filing. PIMCO manages $26 billion in high-yield assets. Mr. Kennedy plans to teach high school, according to PIMCO spokesman Mark Porterfield.
Sean Reynolds was named director and senior portfolio manager at Lazard Asset Management, confirmed Judi Mackey, Lazard spokeswoman. It is a new position. Mr. Reynolds will manage special situations, events and convertible arbitrage strategies for the firm, which has $110 billion in total assets under management. He was a portfolio manager at Sailfish Capital Partners, a multistrategy hedge fund manager. Calls to Sailfish seeking information on Mr. Reynoldsí replacement were not returned by press time.
Four people joined Columbus Nova, a private equity and real estate debt firm to run its new Special Opportunities Fund, confirmed spokeswoman Kristin Celauro. Steven Flyer was named partner; David Benyaminy, principal; and Gregory Prata and David Gaspar, vice presidents. The new middle-market fund will invest in structured finance, real estate financing, collateralized debt funds and asset-backed securities. The team comes from Trimaran Capital Partners. Mr. Flyer was managing director; Mr. Benyaminy, executive director; Mr. Prata, director; and Mr. Gaspar, associate. Dean Kehler, managing partner at Trimaran Capital, could not be reached for comment on replacements.
Jamil Baz was hired as executive vice president at PIMCO. It is a new position. He will join the firmís $77 billion global portfolio management team in London in May, said spokesman Mark Porterfield. The firm is expanding its 21-person global portfolio management team, Mr. Porterfield said; he would not comment further. Mr. Baz will report to Scott Mather and Sudi Mariappa, both managing directors. Mr. Baz was a managing director in the proprietary trading group at Goldman Sachs.
Ajay Sharma joined real estate investment firm Heitman as senior vice president, client service and marketing, said Lewis Ingall, executive vice president. It is a new position. Based in Heitmanís London office, Mr. Sharma will market investment strategies to institutional investors in Europe and the Middle East. Mr. Sharma was director, property business development, Europe, at Henderson Global Investors. Alana Palmer, spokeswoman, did not return calls by press time seeking information on a replacement.
Harjit Bhatia joined Credit Suisse Private Equity Asia as managing partner and head of the unit, together with five colleagues from Ritchie Capital Management. Mr. Bhatia will be joined in Hong Kong by Rakesh Mital, managing director; Isiah Zhang, vice president; and Imelda Tham, associate. Hemang Raja, managing director, will be based in Mumbai with Soma Ghosal Dar, director. ďThis is a very exciting development for us as we expand on our private equity footprint in this important region,Ē said David Blumer, CEO of asset management, in a news release. Mr. Bhatia was chairman and CEO of Ritchie Capital Management (HK); Mr. Raja was head of India operations; and Mr. Dar was a director. The titles of Messrs. Mital and Zhang and Ms. Tham could not be learned. Justin Meise, a Ritchie spokesman, declined to comment. Separately, Mr. Meise said the firm is still obtaining shareholder approval for the sale of 50% of the assets of Ritchieís multistrategy hedge fund to Reservoir Capital.
Trey Thompson was named a partner at Perella Weinberg Partners, confirmed a source at the company who declined to be named. Mr. Thompson was co-managing director, non-marketable alternative investments, at the University of Texas Investment Management Co., Austin, with Sara McMahon. UTIMCO manages roughly $20 billion in endowment assets for the University of Texas. Last month, Perella Weinberg announced it will add a new asset management capability based on the large endowment fund investment model, marketed under the brand name Agility. It is being led by Robert Boldt, Perella Weinberg partner and former CEO and CIO of UTIMCO who left last summer.
Bryan Davis was promoted to senior vice president and CFO at Brookfield Properties. He was managing partner and senior vice president, finance. Mr. Davis succeeds Craig Laurie, who is taking an as-yet undetermined new position at Brookfield to expand its asset management business and operating platform in New York. Sachin Shah, vice president of finance, is replacing Mr. Davis, said Katherine C. Vyse, senior vice president, investor relations and communications.
Margaret D. Patel, a senior vice president with Pioneer Investments and portfolio manager of the $4.8 billion Pioneer High Yield Fund, resigned March 30 to pursue other opportunities, said spokeswoman Tara Pescatore. Ms. Patel also managed a variable annuity offering, the Pioneer High Yield VCT Portfolio, as well as the $64 million Pioneer Equity Opportunity Fund and its variable annuity clone. Ms. Pescatore said she had no details on Ms. Patelís plans. Ms. Patel couldnít immediately be reached for comment. Andrew Feltus, the manager of the $1.6 billion Pioneer Global High Yield Fund and some separately managed institutional accounts, will replace Ms. Patel as lead manager of the Pioneer High Yield Fund and the Pioneer High Yield VCT Portfolio. Tracy Wright, a high yield analyst, was named a portfolio manager on the Pioneer high-yield fund management team and an assistant portfolio manager of the Global High Yield Fund. Timothy Horan, an assistant manager of the Pioneer Mid Cap Value Fund, will assume management of the Pioneer Equity Opportunity Fund and the Pioneer Opportunity VCT Portfolio.
Daniel Bystrom was named a portfolio manager at alternative asset management firm AM Investment Partners, confirmed spokesman Michael Mandelbaum. He will manage the firmís volatility arbitrage strategy. It is a new position. He reports to Mark Friedman, co-founder of AM Investment Partners. Mr. Bystrom was director and head of index listed flow trading at BNP Paribas.
Bernard Myszkowski joined Dearborn Partners as a managing director, according to a news release. Mr. Myszkowski will be a portfolio manager and investment committee member. He was executive vice president and chief equity officer at ABN AMRO Asset Management, and was manager of the $1.3 billion ABN AMRO Growth Fund. ABN AMRO spokesman Jochem van de Laaarschot was not available to comment on a replacement.
Bonnie Chan, Jason Altman and Aviva Shwaid, three analysts at Dreman Value Management, were each promoted to vice president, confirmed spokeswoman Jessica Anderson. The three will remain analysts and assist in expanding the firmís investment and research capabilities. The positions are new.
John Galateria was promoted to national sales director at T. Rowe Price Retirement Plan Services, confirmed Heidi Walsh, a spokeswoman. He replaces Rick Rockwell, who will retire in June. Mr. Galateria will report to Wayne OíMelia, interim president of the retirement plan services division, Ms. Walsh said. Mr. Galateria was regional sales director. His responsibilities have been shifted to existing personnel, Ms. Walsh said.
Richard Pustorino and John Ricketts were named directors in the asset management division of Credit Suisse Group, and Rinku Gyani was named a vice president, confirmed spokeswoman Suzanne Fleming. Mr. Pustorino will be a senior U.S. consultant relationship manager, and Mr. Ricketts will focus on U.S. sales of cash and short-duration capabilities. Ms. Gyani is responsible for U.S. third-party and subadvisory sales and relationship management. Messrs. Pustorino and Ricketts report to Rob Ranges, director and head of U.S. institutional sales. Ms. Gyani reports to Peter Horacek, director and head of third-party and subadvisory sales. Mr. Pustorino was a vice president at DuPont Capital Management, and Mr. Ricketts was senior vice president at CDR Financial Products. No further information was available; neither Rose Hutchinson, human resources manager for DuPont, nor CDR spokeswoman Janet Dahlin was not available at press time. Ms. Gyani was an accounts manager and senior marketing associate at Lazard Asset Management. Michael Buckley, spokesman for Lazard, was not available for comment at press time.
Gary Kleinschmidt was named director of retirement sales for Legg Mason (LM), confirmed spokeswoman Heather Guthmann. It is a new position. Mr. Kleinschmidt, who will be based in Philadelphia, will focus on 401(k) plans. He reports to Tom Hirschmann, managing director and business head of the Legg Mason institutional services group. Mr. Kleinschmidt was executive director at Van Kampen Investments. A spokeswoman for Morgan Stanley (MS), Van Kampenís parent company, declined to comment further.
Matt Wilson was named head of sales and marketing for Citadel Alternative Asset Management and Citadel Solutions. The position is new, said Bryan Locke, Citadel spokesman. Mr. Wilson will work on building the client bases of the two business units launched in the first quarter by multistrategy hedge fund manager Citadel Investment Group. Citadel Alternative Asset Management, which offers hedge fund-of-funds management and hedge fund incubation, is headed by Jon Venetos, president. Citadel Solutions, which offers outsourced hedge fund administrative services, is headed by John Buckley, president. Mr. Wilson was global head of prime brokerage sales at Bank of America.
Ross Bartfield joined hedge fund manager Laurus Capital Management as senior vice president of U.S. marketing. It is a new position, said Dennis Pollack, senior managing director of Laurus. Mr. Bartfieldís appointment coincides with the closing of the flagship Laurus Fund on May 1 and the June 1 opening of the firmís new Valens Fund. Mr. Bartfield was a director on the U.S. institutional sales team at Citigroup Alternative Investments, where he focused on endowments and foundations. Jon Diat, a Citigroup spokesman, said the company is searching for a replacement.
Brad Blalock joined Morgan Stanley Investment Management as an executive director of client service and new business development for MSIMís public and Taft-Hartley businesses, confirmed spokeswoman Erica Platt. It is a new position. Mr. Blalock was director of U.S. consulting with Mercer Investment Consulting. Mercer spokesman Charles Salmans said Terry A. Dennison, a member of Mercerís U.S. consulting leadership group and U.S. west zone leadership group, is assuming Mr. Blalockís duties on an interim basis.
Frank Klein was named a managing director and global head of institutional product management and development at Deutsche Asset Management, confirmed spokeswoman Mayura Hooper. It is a new position. Mr. Klein is based in Frankfurt and reports to Roelfien Kuijpers, global head of the institutional business. Mr. Klein was director of international distribution at Sal. Oppenheim, a European private bank. Sal. Oppenheim spokesman Dirk von Manikowsky did not return a phone call by press time.
Penny Darcey resigned as director of U.S. institutional sales, relationship management and consultant relations at State Street Global Advisors, said spokeswoman Arlene Roberts. Ms. Darcey will not be replaced; her responsibilities will be assumed by Chief Marketing Officer Marc Brown, to whom she reported, said Ms. Roberts. Jerry Kelly, senior managing director and head of institutional sales, along with Staci Reardon and Larry Carlson, managing directors and co-heads of relationship management, and Maureen Fitzgerald, senior managing director and head of consultant relations, will now report directly to Mr. Brown. Ms. Darcey didnít return calls for comment.
Carsten Jerrild was named director of business development for BISYS Alternative Investment Services, confirmed Bob Donahoe, managing director of BISYS Alternative Investment Services. Mr. Jerrild is located in New York and reports to Mr. Donohoe. He replaces Gary Berger, who is now a principal with accounting firm Rothstein Kass. Mr. Jerrild was managing director for hedge fund administration firm Fulcrum U.S., responsible for overall sales and marketing. Lisa Jane OíNeil, spokeswoman for Fulcrum, said an official replacement has not been named.
Al Shemtob was hired as director of retirement services at WisdomTree Investments, leading a new business unit for exchange-traded fund distribution, said Darren Brandt, spokesman. Mr. Shemtob has been an independent consultant since 2001. Additionally, Ben Slavin joined WisdomTree as director of product development, and Richard Harper as director of fixed-income strategy. Both are new positions. Mr. Slavin was a vice president at Morgan Stanley Investment Management, and Mr. Harper was a senior portfolio strategist at RBC Dain Rauscher. Calls to spokeswomen Christy Pollak at Morgan Stanley and Sarah Delaney at RBC Dain Rauscher were not returned by press time.
John Hoban retired from managed accounts provider ProManage, where he was director of strategic planning, and joined the firmís advisory board, said Sean Findlen, spokesman. Company officials are searching for a replacement.
Christopher Tauber was named principal and senior investment consultant at Mercer Investment Consulting, confirmed Mercer spokesman Charles Salmans. Mr. Tauber, who reports to Troy Saharic, principal in charge of the firmís Seattle office, will be responsible for managing and developing institutional client relationships with defined benefit and defined contribution plans, endowment and foundation funds, and the institutional investments of health-care systems and insurance clients. It is a new position. Mr. Tauber was previously an associate investment consultant at R.V. Kuhns. No one has been named to replace him, according to a source at the firm.
The National Institute on Retirement Security, Washington, hired executive search firm EFL Associates to recruit an executive director, according to a news release. The NIRS was created Feb. 6 by the Council of Institutional Investors, the National Association of State Retirement Administrators and the National Council on Teacher Retirement to conduct research and education programs to ďfoster a deep understanding of the traditional pension system in the United States.Ē
Noboru Terada was named a senior adviser for MSCI Barra, confirmed spokeswoman Gwenn Daniels. It is a new position. Mr. Terada, based in Tokyo, will report to Philippe Ballet, managing director and head of MSCI Barra in Japan and Australia. Mr. Terada was executive investment officer of the $870.5 billion Government Pension Investment Fund, Tokyo, until his retirement in March 2006; he was also a member of the board of trustees.