And then there was one.
By the end of this year, all but one of the eight participants in a 1995 Pensions & Investments derivatives roundtable will have changed jobs since being invited to participate.
With Scott Lummer's slated departure from Ibbotson Associates, Chicago, Tanya S. Beder, principal at Capital Market Risk Advisors Inc., New York, becomes the sole derivatives roundtable participant still at the same job.
Most of the changes came in 1995, although turnover has continued evenly since then. Even before the roundtable was held, William Gurner left his pension job at Federal Express Corp., Memphis, Tenn., to form Sector Capital Management L.L.C., Memphis.
Also changing in 1995 were: Maarten Nederlof, who joined CMRA, and left what is now Analytic TSA Global Asset Management Inc., Los Angeles; Robert Shultz, who left The Common Fund, Westport, Conn.; and Tony Baker, who co-founded Trilogy Capital Management L.L.C., Princeton, N.J., leaving SEI Corp., Wayne, Pa.
In 1996, Lisa Polsky joined Morgan Stanley & Co. Inc., leaving Bankers Trust Co., both New York-based firms.
This year, Charles Service left his pension job at Unisys Corp., Blue Bell, Pa., for Brinson Partners, Chicago; and Mr. Lummer announced he will form a consulting firm in January.
Is there something about derivatives that leads to frequent job changes?
"In general (derivatives have) been a very, very hot market," Ms. Beder said. "It's not surprising that people have traded up to bigger and better things."
But as a co-founder of CMRA, Ms. Beder said she has no plans to move on.