Logan Circle Partners hired a former Bear Stearns Asset Management portfolio management team, led by Scott Pavlak, focused on enhanced cash and short- to intermediate-term duration strategies, said Jude Driscoll, Logan Circle’s CEO.
Logan Circle negotiated with JPMorgan Chase & Co., which bought Bear Stearns Asset’s parent, Bear Stearns Cos. Inc. in March, to bring over the team of eight financial and two client-service professionals, along with slightly more than $1 billion in client mandates, he said. Details of the deal weren’t disclosed.
In a telephone interview, Mr. Pavlak said his team is bringing over six track records total for institutional tax-exempt and taxable strategies. He called the team’s split with JPMorgan “extremely amicable.”
Florida taps Webster for strategic investments
Trent Webster was named senior portfolio manager-strategic investments of the $163 billion Florida State Board of Administration, Tallahassee.
It is a new position, overseeing $6.4 billion in strategic investments and commitments in global multisector and opportunistic equity and debt strategies, said Dennis D. MacKee, communications director.
Mr. Webster was senior portfolio manager-external domestic equities for the board, overseeing external domestic equity managers, which run a combined $10 billion. The staff is handling his duties while applicants are reviewed. A selection could be made later this month.
Abu Dhabi fund vet joins BNY Mellon
Thomas Connolly was named managing director and head of asset management in the Middle East for BNY Mellon Asset Management, according to a news release. The position is new.
Mr. Connolly was a portfolio manager for equity and fixed income at Abu Dhabi Investment Authority.
BNY Mellon spokeswoman Sarah Deutscher could not be reached by press time for further information. Efforts to reach officials at the Abu Dhabi fund were unsuccessful.
RiverSource replaces departing equity managers
RiverSource Investments’ disciplined equity and asset allocation team, led by Dimitris Bertsimas, will replace Nick Thakore and Robert D. Ewing as managers of the $3.5 billion RiverSource Large Cap Equity fund, said Ryan Lund, spokesman.
Mr. Bertsimas’s team will continue to manage the $2.7 billion RiverSource Disciplined Equity fund and other mandates.
Messrs. Thakore and Ewing will join Putnam Investments on Nov. 3 to lead its large-cap equities team.
Erik Voss, the co-leader of the J.&W. Seligman core/growth equity team, will take over management of the $1.8 billion RiverSource Growth fund which Mr. Thakore had overseen, when RiverSource’s pending acquisition of J.&W. Seligman closes next month, said Mr. Lund.
The contrarian equity team, led by senior portfolio manager Warren Spitz, will take over two funds which Messrs. Thakore and Ewing had worked on: the equity portion of the RiverSource Balanced fund, which has more than $1 billion of mutual fund and variable annuity assets, and the $47 million RiverSource Large Cap Value fund. Mr. Spitz’s team will continue to look after its existing mandates, including the $5.8 billion RiverSource Diversified Equity fund.
Richard Parower, a portfolio manager with the Seligman Technology group, will replace Messrs. Thakore and Ewing on the $108 million RiverSource Global Technology fund.
Lincoln elects Hayes as funds management chief
Daniel Hayes was named head of funds management, retirement solutions, at Lincoln Financial Group, said spokeswoman Daniela Palmieri. The position is new.
Mr. Hayes will “spearhead the process of selecting funds” included in Lincoln’s variable annuity, defined contribution and life insurance products, according to a news release. He will report to Diane McCarthy, head of product, distribution and funds strategy, retirement solutions.
Mr. Hayes was a senior vice president for Fidelity Investments, in charge of that firm’s strategic relationships with insurance companies, according to the release. A Fidelity spokesman said the company doesn't comment on personnel changes.
McCabe chosen to run Nomura’s new Europe unit
Terry McCabe was named managing director at London-based NCRAM Europe, a new subsidiary of Nomura Corporate Research and Asset Management that opened Oct. 22, confirmed spokesman Ralph Piscitelli. The new subsidiary will focus on high-yield bonds and leveraged loans and will leverage NCRAM’s existing business.
Mr. McCabe was managing director of the CDO asset management group at ACA Capital Management (U.K.). His investment team at ACA, Brian Percival, Ian Feinson and Paul Robbins, also joined NCRAM Europe; Mr. Piscitelli said the company would not disclose their new positions.
ACA spokesman Fred Bratman was not immediately available for further information.
INTECH COO to retire
David E. Hurley, chief operating officer of INTECH, will retire at the end of 2008 after 21 years with the Janus Capital Group quantitative affiliate, said spokesman James Aber.
Mr. Hurley will continue to consult for Enhanced Investment Technologies following his retirement.
The COO position will not be filled. Mr. Hurley’s responsibilities will be assumed by INTECH’s senior management team, including Justin Wright, vice president and general counsel; Lance Campbell, vice president and CFO; and Scott Marinko, senior vice president, operations, according to an INTECH news release.
Maryland taps Burd as managing director
Robert Burd was named managing director of the Maryland State Retirement and Pension System, Baltimore, said R. Dean Kenderdine, executive director.
Mr. Burd was senior investment analyst for the the $32.7 billion system, overseeing the fund’s private equity investments. He will “continue to be largely focused on the alternative investment space,” Mr. Kenderdine said.
Mr. Burd succeeds John H. Greenberg, who became CIO of the Pension Benefit Guaranty Corp. on Sept. 15.
A search is under way to fill Mr. Burd’s previous position, Mr. Kenderdine said.
Three named to top U.S. posts at IFM
Alec Montgomery and Michael Thompson were named executive directors of Industry Funds Management’s U.S. office in New York, confirmed spokeswoman Paige Gruman. Both are new positions.
Messrs. Montgomery and Thompson will help manage the Melbourne, Australia-based firm’s investment operations in the U.S.
Mr. Montgomery was managing director and head of infrastructure finance at the Royal Bank of Scotland. His duties were taken over by Anthony Edwards, senior vice president, an RBS spokesman said. Mr. Thompson was executive director for infrastructure for IFM in Melbourne. He will not be replaced, Ms. Gruman said.
Also, Mauricio Melzi was named senior investment director at the firm’s New York office, also a new position. Mr. Melzi was a director in the corporate finance-energy commodities group at Merrill Lynch. Information on his replacement was not immediately available.
Alts manager BMB picks institutional sales chief
Chris Walker was named global head of institutional sales and marketing at alternative money manager BMB Group, confirmed spokeswoman Francesca Reville. The position is new.
Mr. Walker was executive vice president at Lombard Odier Darier Hentsch (UK), where he was responsible for international clients. It could not be learned if Mr. Walker had been replaced.
Schatz signs on with Great-West
Daniel Schatz was named regional director of national accounts at Great-West Retirement Services, spokesman Jeff Close confirmed. The position is new.
Mr. Schatz will be responsible for sales to 401(k), 401(a), 403(b) and non-governmental 457 plans in the central U.S. He will report to Peter Margiotta, national sales director.
Mr. Schatz was vice president of consultant relations and investment sales at Wells Fargo Institutional Trust Services, spokesman Leslie Inberg confirmed via e-mail. Mr. Inberg also wrote Mr. Schatz was replaced by Philip Stewart, formerly an analyst in the company’s consultant relations group.
Ex-San Mateo plan chairwoman joins Hewins
Lauryn Agnew was named senior vice president in Hewins Financial Advisors’ institutional consulting practice group, confirmed Todd Skotterud, director of marketing and business development. It is a new position.
She will be the primary contact for new institutional clients and will advise on investment policy, money manager selection and performance monitoring.
Ms. Agnew was a trustee of the $2.1 billion San Mateo County Employees’ Retirement Association, Redwood Shores, Calif., from 1990 to 1998, according a term as board chairman. Ms. Agnew also was president and owner of investment consultant Seal Cove Financial, according to the firm’s website.
Seal Cove will most likely be closed, Mr. Skotterud said. Ms. Agnew could not be reached for comment.
MFC picks SSgA vet as U.S. product management chief
Jeffrey Santerre was named managing director and head of product management in the U.S. at MFC Global Investment Management, confirmed spokeswoman Beth McGoldrick.
In the new position, Mr. Santerre will be responsible for developing and implementing the firm’s investment strategies for distribution in the U.S. He will report to Frank Saeli, managing director and head of U.S. institutional sales and relationship management.
Mr. Santerre was a vice president on the global product development team at SSgA. He will not be replaced; his duties will be assumed by other members of the team, said spokeswoman Marie McGehee.
Schlarbaum moves in with GCM
Gary Schlarbaum was named portfolio manager and director of portfolio risk management at boutique investment management firm Global Capital Management, confirmed Marc Dent, director of marketing.
Mr. Schlarbaum will co-manage GCM’s small-cap core portfolio with Tony Soslow, president and CIO. Mr. Soslow had been the lone portfolio manager of the U.S. small-cap core equity portfolio. The portfolio risk management position is new.
Mr. Schlarbaum was founder and CIO of Schlarbaum Capital Management. Details are still being worked out, but that firm’s assets — less than $10 million, all high-net-worth money — will most likely be rolled into GCM, which ran $910 million as of Dec. 31, Mr. Dent said.
In a news release, Mr. Schlarbaum said: “The opportunity to work again, with my son, Mark, was one I couldn’t pass up. I’m excited to be here, and look forward to making my contributions to the growth of the firm.” Mark Schlarbaum is director of equity trading at Global Capital.
Rowe joins MetLife as strategic alliance director
John Rowe was named national director of strategic alliances in the institutional income annuities business of Metropolitan Life Insurance Co., a new position, spokeswoman Toni Griffin confirmed.
Mr. Rowe will focus on developing strategic relationships with institutional money managers and defined contribution record keepers. He will report to Jody Strakosch, also a national director of strategic alliances at MetLife.
Mr. Rowe was senior vice president of strategic alliances at Genworth Financial Inc., Genworth spokeswoman Kirby Kriz said. She declined to comment further.