J.P. Morgan Investment Management put its CIO, Tom Luddy, back to work investing domestic and international equities. The CIO title was eliminated, and those duties were split among various senior managers.
Mr. Luddy is global head of equities, managing domestic and international equity separate accounts. Tom Madsen, formerly head of international equities, retains the title of managing director and now is a senior portfolio manager managing equity separate accounts. Gerry Willis, formerly co-head of U.S. fixed-income, now is global head of fixed-income. Larry Smith will continue as global head of balanced strategies. Wes Paul remains head of emerging markets strategies and is global head of currency.
Dennis Kass, who had headed the defined benefit plan business, now is vice chairman and will concentrate on direct client relationships. Jeff Garrity, who heads the defined contribution plan business, now also will oversee the day-to-day operations of the DB business. Chris Durbin, who remains head of European fixed-income, co-heads global investment with Ken Anderson, who remains a vice chairman.
Joe Azelby, formerly head of the mortgage group, is head of real estate, replacing Ben Gifford and Tim Heise. Mr. Gifford oversees real estate investment strategy and process. Mr. Heise will be strategic adviser until the end of the year, when he will leave the firm.