Young Chin has been named president and CEO of Provident Capital Management, Pittsburgh, replacing Thomas Stewart, who retired at the end of June (Pensions & Investments, July 25).
Mr. Chin was previously director of investment strategy for PNC Investment Management & Research, the money management unit of PNC Bank Corp., where he was responsible for asset allocation strategies and quantitative technologies.
PNC Bank also announced it is regrouping its money management subsidiaries under PNCIM&R, which will become the holding company for Provident Capital, a value and international manager with $2.3 billion in institutional assets; Blackrock Financial Management, pending its acquisition by PNC; PNC Institutional Management Corp., a liquidity manager; PNC's interest in Advanced Investment Management L.P., an enhanced index manager; as well as PNCIM&R's growth and core equity teams.
Provident is also searching to fill the vacancies left by the departure of its small-cap equity management team and and co-manager of international equity. A PNC Bank spokeswoman said the firm is close to hiring new personnel.
Provident's small-cap team - vice president and portfolio manager Edwin Powell and assistant vice president Holly Guthrie - left the firm at the end of June to join 1838 Investment Advisors, Radnor, Pa. Their resignations followed the departure in May of Erik Granade, vice president-foreign securities and co-manager of international equity. He joined Cashman, Farrell and Associates, Berwyn, Pa.