The $17 billion Virginia Retirement System hired Charles W. Grant as its first in-house global bond manager and Michael T. Cleary as an investment officer in charge of alternative investments, said Bill Sullivan, spokesman.
This brings the pension fund's investment staff to 19, leaving one opening for a financial analyst.
Mr. Grant will start July 1. He was senior vice president and portfolio manager at Commonwealth Investment Counsel, where his duties have been assumed by Michael Jones, another portfolio manager.
Mr. Cleary replaces John McLaren, who left the system last year to start his own firm. Mr. Cleary was assistant controller at the Virginia system. But because the finance department is undergoing a reorganization, he may not be replaced.
T. Daniel Coggin, joined Mobius Group, Research Triangle Park, N.C., as director-research, a new position. The former director of research for the Virginia Retirement System most recently was director-research at Media General Financial Services.
Richard E. Dahlberg joined Salomon Brothers Asset Management, New York, as a director to head the U.S. equities group. He takes over duties previously handled by Chairman Robert Salomon.
Mr. Dahlberg had been portfolio manager at Massachusetts Financial Services, Boston, where he headed the team responsible for the $4 billion MFS Total Return fund and its related annuities. He has been replaced by Mark Shaughnessy, portfolio manager of the MFS Utilities fund, and David Calabro, manager of institutional large-cap equity accounts with MFS Asset Management Inc. They will both retain their previous assignments as well.
Gregory Hazlett was named to the new position of director of research at Investment Counseling Inc. He will be responsible for the firm's database of investment managers. Mr. Hazlett had been manager of investment research at Cambridge Associates, where he hasn't been replaced yet.
The board of trustees of the $3.4 billion Maine State Retirement System, Augusta, re-elected Chairman David Wakelin and Vice Chairman John Kimball to one-year terms starting July 1. Mr. Wakelin, a pension attorney, is a gubernatorial appointee; Mr. Kimball represents teachers on the board.
CDC Investment Management Co., New York, hired Steve Butters to work with synthetic GICs and structured products and Seth Wohlberg to work in active fixed income, said John Prom, executive vice president.
Both were hired as senior vice presidents. The positions are new at CDC, an independent investment management subsidiary of the Caisse des Depots et Consignations, Paris.
Mr. Butters previously was a vice president for Bankers Trust, New York; Mr. Wohlberg was a managing director/portfolio manager for Bear Stearns Asset Management, New York. Mr. Butters' duties will be assumed by BT staff, while Mr. Wohlberg hasn't been replaced, according to a Bear Stearns spokeswoman.
John H. Dolan was named head of mortgage securities at Bankers Trust Global Investment Management, New York, a new position. He will participate in investment management trading and product development. He was a managing director in the mortgage department at Salomon Brothers, where he has not been replaced.
New York-based Scudder, Stevens & Clark restructured the management of the Capital Growth Fund. Kathleen Millard, a principal of the firm, was named lead portfolio manager; Steven Aronoff, the former lead portfolio manager, will stay with the management team, along with portfolio manager Julia Cox. William Gadsen, another portfolio manager, will leave the fund and focus on managing Scudder's AARP Capital Growth Fund; he is the lead portfolio manager.
According to Edmond Villani, Scudder's chief investment officer, the change was made because officials expect Ms. Millard's "value-oriented investment style will benefit" the fund.
Also, Robert A. Benish took a newly created position of vice president and manager of Scudder Defined Contribution Services' Education Programs. He had been vice president and market manager at Putnam Investments. A Putnam spokeswoman said his replacement is being sought now.
Mr. Benish's new job will give him oversight and expansion responsibility for Scudder's DC employee education programs.
Patricof & Co. Ventures Inc., New York, promoted Salem D. Shuchman and Gregory M. Case to partners in the APA Excelsior IV private equity fund. The two had been vice presidents. The fund closed in February with $265 million in commitments from investors including the pension fund of AT&T Corp., the California Public Employees' Retirement System and the Pew Charitable Trust.