John C. Winchester was named director of public markets for the $17 billion Pennsylvania State Employes' Retirement System. Mr. Winchester, who most recently was a consultant with the NYNEX Corp. pension fund, replaces Joseph Braccia, who joined Miller Anderson & Sherrerd L.L.P., West Conshohocken, Pa., as client account manager.
Diane Sterthous, who had been director of fixed income at the Pennsylvania fund, was named director of venture capital and alternative investments. She replaces Erica C. Bushner, who resigned last month. The fund plans to hire a new director of fixed income in the next several months.
Elizabeth Sanders, chief investment officer of the Iowa Public Employees Retirement System, joined Brinson Partners, Chicago, as senior account manager, a new position.
She has not been replaced yet at Iowa PERS, but a nationwide search is under way, said Kathy Comito, acting chief investment officer at the pension fund. The $9.5 billion fund has put on hold upcoming manager searches until a new chief investment officer is found, she said. The fund recently completed an asset allocation study and was expected to make a decision on starting manager searches at the beginning of the year.
Thomas P. Martin was appointed assistant treasurer of Federal-Mogul Corp. In his new position, Mr. Martin will be responsible for managing the corporation's capital structure and its pension funds, a $250 million defined benefit plan and a 401(k) plan of about $100 million. The position has been newly created through a Treasury department restructuring, said a company spokeswoman.
Mr. Martin joined Federal-Mogul from Red Lion Hotels, where he was assistant treasurer.
J&W Seligman & Co. Inc., New York, hired away a team of value equity managers from Bear, Stearns Asset Management, New York. Neil Eigen, formerly senior managing director, chief investment officer and director of equity investing at Bear Stearns, joined Seligman as a managing director with responsibility for value equity investing, a new position. Joining him are fellow portfolio managers Milton B. Rubin and Richard S. Rosen, who will both be senior vice presidents.
Jon D. Brorson rejoined The Northern Trust Co., Chicago, as a vice president of institutional investment services, responsible for managing $2.5 billion in corporate and institutional assets.
Mr. Brorson replaced Loren Hansen, who left Northern to become executive vice president and head of equity investment at Stein Roe & Farnham Inc., Chicago.
Mr. Brorson was a founding principal and managing director of Hartline Investment Corp., which opened in 1990. Before that, he was a portfolio manager with Northern. Mr. Brorson is in the process of selling his ownership in Hartline.
Jan A. Koenig was named chief investment officer of Compass Bank in Houston. In the new position, he will head up the asset management group. Mr. Koenig had been senior vice president for Tryon Investments, a NationsBank affiliate responsible for private client investing.
Shelton S. Unger will assume responsibility for institutional sales and marketing at Vanguard Group, Valley Forge, Pa. The institutional marketing duties at Vanguard had been handled by Donald Salama, who recently left the firm. Ms. Unger also will retain her current responsibilities for directing Vanguard's participant education program. She will now also be responsible for directing Vanguard's sales efforts to pension and defined contribution plans and will oversee related marketing strategy.
Anna Roads became U.K. sales and marketing director for Fidelity Pensions Management, London, a new position. She previously was a director at BZW Investment Management, Barclays Bank's active equity unit that was shut down late last year.
Howard D. Sherman was named president of Institutional Shareholder Services, Bethesda, Md. The shareholder consulting firm also appointed Bruce Babock as chief operating officer. Mr. Sherman replaces James E. Heard, who resigned for personal reasons; Mr. Babock replaces Richard Cohen, who resigned at the same time. Mr. Sherman, had been a senior vice president and head of ISS Global Services. Mr. Babock was vice president of global research at ISS. Mr. Sherman declined to comment on the timing of both resignations.
Mr. Heard said he plans to stay active in the corporate governance field and will announce his plans in a few weeks. Mr. Cohen could not be reached for comment.
Will ISS now be looking for staffers to fill the former positions of Mr. Sherman and Mr. Babcock? "We are evaluating all of our staff needs right now," Mr. Sherman said.
John McLaughlin rejoined Capital Resources San Francisco office, as a senior consultant after spending the past two years as vice president of marketing and client service for Columbia Marketing. He will be responsible for consulting activities for a number of plan sponsors on the West Coast. He replaced Nicole Stewart, who now is at R.V. Kuhn & Associates Inc., Portland, Ore. Columbia Marketing has yet to replace Mr. McLaughlin.
Two Texas investment management and consulting professionals joined forces to start Post Oak Capital Advisors, a new investment management consulting firm in Houston. Donald M. Graubart, former investment consultant with Kidder Peabody, and Joseph R. Birkofer, former personal trust officer with Texas Commerce Bank, are the principals. Post Oak will provide full service consulting, including investment policy and strategy development, manager search and performance evaluation.