Union Bank of Switzerland is acquiring timber money manager Resource Investments. C. Edward Broom, chairman and chief executive officer of RII, would not disclose the price. He said the principals, who own the firm, will receive UBS stock.
Resource Investments will operate as an investment subsidiary of UBS Asset Management. Mr. Broom and Eric Oddleifson, who co-founded the firm, will stay on.
Robert M. Boyles was named president and chief operating officer of Mellon Capital Management, replacing Thomas F. Loeb, who will be chairman and CEO.
Mellon Capital Chairman William L. Fouse will become chairman of a newly formed executive committee; Messrs. Loeb and Boyles are the other members.
Mr. Boyles had been executive vice president for global asset management at Mellon Trust, the corporate umbrella unit responsible for trust and investment management subs.
The $20 million J.E. and Z.B. Butler Foundation of New York hired GMG/Seneca Capital Management to manage $5 million in small- to mid-cap equities. Funding came from reducing an allocation to an existing equity manager that was not identified.
United Power Association, Elk River, Minn., with $70 million in defined benefit plan assets, hired GE Investments to manage $10 million in GE's multistyle equity program, a combination of growth and value equity portfolios.
The $240 million pension fund for McKesson Corp., San Francisco, selected acquisition managers for private equity investments: Leonard Green Partners' Green Equity Investors II fund will get $5 million and Weiss, Peck & Greer Corporate Development Associates IV fund, $3 million.
Lincoln Walworth, McKesson's director of finance and investments, said the funds will draw down the allocation over a period of years.
Nicholas-Applegate Capital formed a new retirement services group aimed at the defined contribution market.
The new team will include eight regional retirement specialists responsible for marketing to plans with $10 million or more in assets; the team also will build strategic alliances.
The group will be headed by R. Spencer Hunt, senior vice president and director of retirement services.
Mr. Hunt recently joined Nicholas-Applegate from Legg Mason Wood Walker.
Trisha Brambling joined Lincoln Investment Planning as a consultant, a new position, in which she will lead efforts to launch a new 401(k) alliance, Lincoln Express. She had been vice president-retirement services at Sedgwick Noble Lowndes. Samuel L. Kikla assumes her position in an internal promotion.
John Peta, a senior research analyst in fixed income at Frank Russell Trust, will become director of global fixed-income marketing at G.T. Capital Management, a new position. Existing staff will fill his position at Russell.
Arthur Jay Hayden has been named senior vice president of marketing for New England Investment Associates, a new position. He had been vice president of SEI and senior capital advisor for the southern region.
His replacement has not yet been named.