Joe Joshi and Kevin McCreesh left Mitchell Hutchins to form a new core value team at Systematic Financial Management.
Mr. Joshi, formerly managing director of core value equities at Mitchell Hutchins, has been named senior managing director and CIO of Systematic. Mr. McCreesh, formerly first vice president and analyst at Mitchell Hutchins, has been named senior vice president and portfolio manager. Mr. Joshi said he will have a substantial partnership stake in Systematic.
A spokeswoman for PaineWebber Group, the parent of Mitchell Hutchins, said there were no immediate plans to replace them