To integrate its frequently complex and often original portfolio analytics into a global framework, Richards & Tierney Inc., the Chicago, consulting firm, has hired Kenneth J. Winston, a noted "quant" with several degrees in mathematics, including a doctorate, as a managing partner to broaden its international analysis.
"Pension funds and international managers are crying out for more sophisticated international analysis," Mr. Winston said.
"International investors are rapidly adding international elements to their portfolios," added David E. Tierney, managing partner. "It is critical that these investors be able to analyze and control risk in truly international investment structures."
In the mid-'80s, Mr. Winston was director of research at Brignoli Models Inc. and, he jokes, became known as the man who was replaced by Harry M. Markowitz, who shared the Nobel Memorial Prize in economics with William F. Sharpe. Mr. Markowitz was hired when Mr. Winston left to start Winston Capital Systems Inc., an analytical firm.
Most recently as a partner of Balch Hardy Scheinman & Winston Inc., Mr. Winston developed its Style Advisor, a software program based on the research of Mr. Sharpe that enables pension sponsors to perform sophisticated analytics they normally would have to hire consultants to perform. In addition, he developed Balch Hardy's quantitative equity strategy called Wealthmax. Both programs are now up for sale as a result of Balch Hardy's recent bankruptcy.
Richards & Tierney counts among its clients 22 major institutional investors, including the pension funds of Ameritech Corp., Delta Air Lines, and General Electric Co.