Andrew Osinski and Jack Jacobs, former managing directors of Bankers Trust Global Investment Management, New York, joined Lehman Brothers Inc., New York, to develop a funds management business specializing in hedge funds involving investments in global equity, fixed income, currency and other markets.
They will develop operations, sales and marketing for the business. Efforts will be directed at Lehman's institutional pension fund, insurance company, financial institution and corporate treasury clients.
"We see tremendous opportunities for clients in combining Andrew and Jack's expertise in highly advanced funds management with Lehman Brothers' research and trading capabilities as a leading global investment bank," said Robert Lunn, managing director and head of the firm.
At Bankers Trust, duties of the two will be assumed by Anthony Bowe, managing director.
Michael J. Speidel joined The Boston Financial Group Inc., Boston, as vice president, director of portfolio management, said Richard Burns, managing director of Boston Financial's institutional real estate division.
Mr. Speidel formerly was director of real estate with the $4.9 billion Massachusetts Pension Reserves Investment Trust, overseeing a $425 million portfolio.
A replacement for Mr. Speidel has not been named, according to Gregory White, executive director of the trust.
Dennis McCauley joined Mitchell Hutchins Asset Management, New York, as managing director and chief investment officer of fixed income; he will be responsible for active management of fixed-income assets for mutual funds and managed accounts. He previously was director of fixed income at IBM Corp.
Jeff Chowdhry joined Foreign & Colonial Emerging Markets Ltd., London, as head of Indian equities. He replaced Sanjit Talukdar, who returned to India.
Previously, Mr. Chowdhry had been a fund manager at Barclays de Zoete Wedd Investment Ltd., London, where he had run its $500 million New York-listed India fund.
Replacing Mr. Chowdhry at BZW is Laurel Grassin-Drake, who previously was a portfolio manager at the College Retirement Equities Fund in New York.
Jeffrey L. Newman joined First Interstate Bank of California as executive vice president and managing director of First Interstate Portfolio Lending Services Inc. He replaced Gary Beyer.
Mr. Newman previously was a vice president and department manager in the securities lending division of the Bank of New York. Thomas Ford, senior vice president, assumed Mr. Newman's domestic duties, adding them to his previous responsibility for international securities lending.
Mutual fund manager Strong Advisory Services, Milwaukee, hired Rochelle Lamm Wallach to develop its first bundled 401(k) plan program. Strong will handle participant record keeping internally and is negotiating to add mutual funds from outside managers. The new program targets midsize retirement plans. Ms. Lamm Wallach will be president, a new position, of Strong Advisory Services and also will have responsibility for other institutional management services.
Ms. Lamm Wallach previously was president of AAL Capital Management Corp., Appleton, Wis. She was replaced by Michael Spence, who previously was AAL Capital's senior vice president.
A new woman-owned investment firm was launched by Janet Tiebout Hanson, formerly vice president of marketing in the asset management division of Goldman Sachs Asset Management, New York.
The new firm, Milestone Capital Management, Yonkers, N.Y., introduced an institutional money market fund that will be marketed through a joint venture with Bear Stearns & Co., New York, which has invested $25 million in the fund.
Also joining the firm is Marc Pfeffer, who will be senior portfolio manager. He formerly was a vice president and portfolio manager at Goldman. Jeffrey Hanson, Ms. Hanson's husband, who formerly had his own consulting firm, is chief operating officer and compliance officer of Milestone. Edmund Lee, former bank examiner at the Federal Reserve Bank of New York, is assistant portfolio manager; and Barbara Gentile will be director of client services.
Roger Hendrick left the Chicago Stock Exchange on the verge of seeing his key project, ChicagoMatch, a stock crossing system for institutions, start trading Jan. 6. He was vice president-institutional market.
He wants to pursue other interests, but hasn't decided where to go next.
James Gary, executive vice president-marketing, to whom Mr. Hendrick reported, will be assuming his duties until a replacement is found.
Robert S. Byrne Jr. was named chief executive officer of benefit consultants at Kwasha Lipton, Fort Lee, N.J. Mr. Byrne replaces David A. Skovron who will continue to serve as chairman until he retires this June. Mr. Byrne previously was chief operating officer at Kwasha Lipton and will be succeeded in that role by James T. Brickman. Mr. Brickman most recently served as the company's recording and financial partner; he will retain his position as financial partner.
Bob Masding will become senior partner of R. Watson & Sons, Reigate, England, May 1. He is taking over from Howard Gracey, who is retiring.
Watson, a U.K. actuarial firm, is entering an alliance with The Wyatt Co. this year.
Ann Robinson, head of the policy unit at the Institute of Directors, will succeed Michael Elton as director general of the National Association of Pension Funds. Mr. Elton is retiring. Both groups are based in London.
