Charles Wurtzebach, president and CEO of Heitman Capital Management, resigned effective the end of March, the result of a restructuring. Managing Director Michael Casey also resigned effective the end of March. He will join Cliffwood Partners, a real estate securities manager.
Mr. Casey said he resigned because he wanted to do something more entrepreneurial. Mr. Wurtzebach, who doesn''t have another job lined up and will take some time off, said the firm''s new direction ``makes a lot of sense for the vast majority of the senior members of the firm.''''
Mary Ludgin replaces Mr. Wurtzebach as chairman and CEO, said Jerome Claeys, chairman of Heitman Capital. Tom McCarthy replaces Ms. Ludgin as COO. He was head of Heitman Capital''s portfolio management group for institutional accounts.
Philadelphia Municipal Pension Fund placed three managers - Smith Graham, Brown Capital and Provident Capital - on probation.
Smith Graham, which has a $120.5 million intermediate bond portfolio, ``continues to struggle'''' the minutes of the fund''s Feb. 23 meeting said. Brown, which runs $107.2 million in large-cap U.S. growth stocks for the fund, ``struggled due to its smaller market cap bias'''' and its sector weightings. Provident, a large-cap U.S. value stock manager with a $100 million portfolio, ``had poor sector and stock selection decisions,'''' the minutes said.
Officials at Brown declined to comment; Smith Graham and Provident officials did not return calls seeking comment.
The $3.2 billion fund also hired Turner Investment as a small-cap growth stock manager for $30 million and Denver Investment as a small-cap value manager. Turner''s portfolio will be funded from assets now in the Bankers Trust Small Cap Growth Index fund. The size and funding source for Denver''s portfolio was not available.
The fund also will invest between $5 million and $10 million in Keystone Ventures V, a venture capital fund.
