The Teachers Insurance and Annuity Association - College Retirement Equities Fund promoted John A. Somers to executive vice president of TIAA Investments and Virgil H. Cumming to executive vice president of CREF Investments.
They replace James S. Martin, executive vice president and chief investment officer of CREF, and J. Daniel Lee Jr., his counterpart at TIAA, both of whom retired last year.
Martin L. Leibowitz, vice chairman, became chief investment officer for both funds.
Mr. Somers was senior vice president of the TIAA mortgage and real estate division; Mr. Cumming was senior vice president and director of global active management in CREF Investments. Neither person has been replaced yet.
TIAA also announced the August retirement of David B. Bullett, senior vice president of the TIAA securities division, responsible for the acquisition of primarily fixed-income corporate securities and the management of direct loans and publicly traded bonds.
John R. Krimmel was promoted to associate investment officer for the Illinois State Universities Retirement System, Champaign.
He had been senior investment analyst.
Five new members have been appointed to the Labor Department's ERISA Advisory Council. The 15-member council usually meets each month; at the end of each year, the council submits recommendations to the Secretary of Labor to improve the 1974 Employee Retirement Income Security Act.
The new members are:
Marilee Lau, assurance partner of KPMG Peat Marwick, San Francisco; Vivian Hobbs, partner at Arnold & Porter, Washington; Richard McGahey, economist and partner at Neece, Cator, McGahey & Associates, Washington; Kenneth S. Cohen, senior vice president and associate general counsel at Massachusetts Mutual Life Insurance, Springfield; and James O. Wood III, executive director of the Louisiana State Employees' Retirement System, Baton Rouge.
New members will be sworn in April 8 before the council's first 1996 meeting.
Fidelity Investments, Boston, promoted Robert L. Reynolds to the newly created position of president of the Institutional Retirement Group, which is responsible for all retirement products handled by six Fidelity units. Mr. Reynolds had been president of one unit, Fidelity Institutional Retirement Services; he will be replaced by Peter Smail, former senior vice president-sales and marketing. Mr. Smail's successor has not been named.
Jonathan M. Greene was named president-investment management of The Prudential Money Management Group, Newark, N.J., the umbrella group for Prudential's institutional investment subsidiaries formed at the end of 1995.
In the newly created position, Mr. Greene will oversee all portfolio management for the group. Mr. Greene was an investment counselor with T. Rowe Price Associates Inc., Baltimore, where his responsibilities have been assumed by other members of the staff.
Dreman Value Advisors Inc., Jersey City, N.J., a subsidiary of Kemper Funds, named Christian C. Bertelsen chief investment officer, replacing Dreman founder David Dreman, who will continue as chairman and investment manager.
Mr. Bertelsen was senior vice president and portfolio manager for Eagle Asset Management, St. Petersburg, Fla. He will manage the Kemper-Dreman Contrarian Fund and most of Dreman's separate accounts.
Mr. Dreman will be on the firm's investment committee and will continue to manage the Kemper-Dreman High Return Fund and selected separate accounts, said a spokeswoman.
A spokeswoman for Eagle Asset said Mr. Bertelsen's replacement hasn't been named yet.
Richard R. Tinervin was named executive vice president of retirement plan services, a new position, at Charles Schwab Corp., San Francisco. Mr. Tinervin will be responsible for expansion of the company's full service retirement program to be introduced in the second quarter.
Mr. Tinervin was most recently executive vice president of large bank trust and community bank trust services at Fidelity Investments Institutional Services, Boston. His duties have been assigned to other staff.
Alexander Tyrteos was named president of Pioneer Investments, Boston, a new position. He also will be chief investment officer of two Pioneer Russia funds; he'll be based in Moscow. Mr. Tyrteos had been executive director-corporate finance at London-based SBC Warburg.
Christopher Carabell joined Liberty Asset Management, Boston, a division of Liberty Financial, as vice president of investments, a new position.
The former associate director of U.S. equity research for Rogers Casey & Associates, Darien, Conn., was replaced by Roger Fenningdorf, who had been associate director of consulting for the firm.
Zimmerman Investment Management Co., Chicago, hired Francis X. Monaghan as senior vice president-research and portfolio analytics, and Timothy Tanko, as vice president-fund management, both new positions.
Mr. Monaghan will be in charge of enhancing portfolio and risk management systems, and developing new managed futures strategies.
He previously was a senior vice president with RXR Capital Management Inc., Stamford, Conn., where he has not been replaced.
Mr. Tanko was Eurodollar trader and senior research analyst with Credit Agricole Futures Inc., Chicago.
Roger E. King, formerly director of high-yield research at Citicorp Securities, New York, joined Dreyfus Corp., New York, as senior high-yield portfolio manager. Dreyfus plans to introduce a new high-yield bond fund later this month.