Warren E. Shaw has been named to succeed Robert G. Wade Jr. as chief executive officer, chief investment officer and president of Chancellor Capital Management Inc. Mr. Wade will remain as chairman of the firm and chairman of the firm's brokerage committee.
Mr. Wade, 67, said he is not retiring and expects to remain active with clients. "I won't disappear, but I will simply be in the background," he said.
He stressed the succession has been in the works for a while. The firm was concerned about a smooth transition, something that is not always achieved in investment management, he said.
Chancellor has $28 billion in assets under management, primarily for institutional clients.
Mr. Shaw had been identified as Mr. Wade's successor about three years ago. Although Mr. Shaw was the head of the equity team, the fixed-income and alternative assets groups reported to him and he had been increasingly involved in the day-to-day management of the whole organization.
Mr. Shaw noted his investment style is fairly similar to Mr. Wade's, so clients will see no difference between the two.
"Bob and I have worked very closely for the last decade," said Mr. Shaw. "We're not clones but we do think very much alike."
Mr. Shaw joined Chancellor's predecessor, Citicorp Investment Management, in 1973 as an analyst. He assumed portfolio management responsibilities in 1983. He was named head of Chancellor's equity group in 1987.
Mr. Shaw will be replaced by Ellen H. Adams, managing director and research director, whose responsibilities included the large-capitalization growth equity sector. Ms. Adams had managed parts of the equity group for the past three years, and her responsibilities have increased steadily.
"This is as much an evolution for her as it is for me," said Mr. Shaw. "What's important is the entire transition has been accomplished internally. We haven't had to go outside at all."
Robert W. Ulrich, treasurer of Texaco Inc., White Plains, N.Y., will retire March 1. James F. Link, fiscal director and comptroller of Texas U.S.A., will succeed him. Mr. Link also will succeed Mr. Ulrich in overseeing the company's $3.1 billion pension plan. Mr. Link's replacement has not been chosen yet.
Harsh Bansal was promoted to director-pension investments at United Technologies Corp., Hartford, Conn., succeeding Cynthia Steer, who left to join Philip Morris Cos. Inc., New York.
Mr. Bansal joined United Technologies in 1992 as manager-pension investments from Hewitt Associates where he was an investment consultant.
The Massachusetts Pension Reserves Investment Management Board, Boston, approved the hiring of Jeffrey Maguire as director of real estate investments. Mr. Maguire replaces Michael Speidel, who recently joined The Boston Financial Group. Mr. Maguire was with Travelers Realty Investment Co., Hartford, Conn.
The Virginia Retirement System, Richmond, appointed Joseph L. Boyd to a four-year term on its board of trustees. Mr. Boyd replaces Bonnie Guiton Hill, who resigned. Ms. Guiton Hill is dean of the McIntire School of Commerce at the University of Virginia. Mr. Boyd is dean of the school of business at Norfolk State University.
Andrew Golden was named president of Princeton University Investment Co., Princeton, N.J., manager of the $3.1 billion Princeton University endowment. Mr. Golden was investment director with Duke Management Co., Durham, N.C., which manages the $1.2 billion endowment of Duke University. He has not been replaced yet.
Alan Sullivan was appointed assistant deputy comptroller for real estate for the $60 billion New York State & Local Retirement Systems, Albany, N.Y., said State Comptroller H. Carl McCall. Mr. Sullivan replaces Robert Steves, who resigned last year to pursue other interests.
Mr. Sullivan formerly was the deputy superintendent of the New York State Banking Department and coordinator of state liaison activities at the Federal Financial Institution Examination Council.
George M. Philip, assistant executive director and chief investment officer of the $41 billion New York State Teachers' Retirement System in Albany, succeeded Harold N. Langlitz as executive director. Mr. Langlitz, after 28 years as executive director, announced his retirement in 1993. Mr. Philip was named as his successor at that time.
Angus Matheson, former investment manager of the Coats Viyella PLC pension plan, Glasgow, Scotland, and managing director of the firm's in-house money manager, has joined BESTrustees PLC, London, as an associate director.
Late last year, Coats Viyella decided to shift to external managers from in-house management. Mr. Matheson already had planned his retirement from the (pounds) 900 million ($1.4 billion) pension fund. He will not be replaced.
Mitchell Hutchins Asset Management Inc., New York, appointed Margo Alexander president and chief executive officer. Frank Minard will remain as chairman of the company. Ms. Alexander is an executive vice president of PaineWebber Inc. Mitchell Hutchins' parent, where she was most recently director of institutional equity.
Win Neuger resigned as managing director of Bankers Trust Co., New York, to become chief investment officer at AIG Global Investors Inc., New York. Ivan Wheen, Bankers Trust's head of global investment management, will replace him as acting head of equity investment.
Steven T. Bailey, executive vice president of PIMCO Advisors, Newport Beach, Calif., will become chief financial officer of the company effective March 1.
He replaces Brian Girvan, former chief financial officer of Thomson Advisory Group L.P., Stamford, Conn., who acted as chief financial officer while Thomson and PIMCO Advisors were merging. Mr. Bailey will remain in charge of the institutional services division, which handles the PIMCO Advisors Institutional Funds family and defined contribution plan services.
Marcus Grubb was named global equity strategist and European strategist for Swiss Bank Corp. in London. Mr. Grubb previously was international equity strategist for Salomon Brothers International, London.
Basil Venitis joined U.S. Securities & Futures Corp., New York, as chief trader and sales manager. He replaces John Hing, who founded the stock, bond, and derivatives broker/dealer and is its president. Mr. Venitis was a financial consultant at Merrill Lynch & Co.
Northern Trust Co. named Jean Sheridan, senior vice president, as the head of its newly established international team, the first time the company has placed its international effort under one area. Ms. Sheridan, who will be based in Chicago, was in financial services.
As part of its new effort, the company named Mark van Grinsven, senior vice president, general manager of its London office to oversee the U.K. and European custody markets, securities lending, among other areas.
Mr. Grinsven, who was responsible for large corporate banking in the Chicago office, replaces William Dodds Jr., senior vice president, who returns to Chicago to lead corporate strategic planning. Mr. Dodds replaces John McClure, who will handle corporate strategic expense management, a new position.
Steve Fradkin, vice president, will head international and investment management sales worldwide and will handle research and development of new markets, a new position. Mr. Fradkin, who will be based in Chicago, was in international sales.
Keith Martin is joining the Canadian office in Toronto as vice president-business development. Mr. Martin had been a vice president with Chase Manhattan in Canada.
David C. Schultz was promoted to executive vice president at State Street Research & Management Co., Boston. He had been senior vice president. Mr. Schultz directs the firm's institutional client services and marketing group and is a member of the firm's management committee.