Dave Williams, chairman and CEO of Alliance Capital Management, has stepped down as CEO in the first stage of a gradual transition of power. Bruce Calvert, CIO, will become CEO; he will retain the functions of CIO.
Kathleen Corbet will become chief of investment operations in London, a new position that consolidates all investment operations there; she was president of Alliance Fixed Income Investors.
7 tapped for Teamsters
Bankers Trust, recently hired as the second named fiduciary for the $18.6 billion Teamsters, Central States, Southeast & Southwest Areas Pension Fund, selected seven managers and a custodian, said Mark F. Angerame, Central States director-financial accounting.
The seven, whose hirings are pending contract negotiations, will divide the approximately 15%of the fund, or $2.8 billion, Bankers controls. The managers and custodian are identical to those used by Morgan Stanley Dean Witter, which had been the sole named fiduciary and continues to oversee 85%of the fund.
Hired for active international equities were: Brinson Partners, Lazard and Putnam; for active fixed income, PIMCO, Fiduciary Trust and Fischer, Francis; and for index funds in domestic and international equities and domestic fixed income, BGI.
Mellon was named custodian.
Mr. Angerame said Bankers decided to use the managers based on performance and to minimize transition costs.
Madden joins Ennis, Knupp
William B. Madden will join Ennis, Knupp & Associates as a principal and relationship manager Jan. 12.
In this new position, Mr. Madden will be working with clients and completing research on investment policy issues. He was a regional practice leader in the Chicago office of the Towers Perrin asset consulting practice, which closed in December.
Damsma posting official
Marvin L. Damsma officially was named director, trust investments, for BP Amoco PLC, where he will oversee about $12 billion in U.S. pension assets.
Mr. Damsma said it is too early to talk about changes in how the pension assets of BP America Inc. and Amoco Corp. will be managed. Mr. Damsma said he will report to Eileen Kamerick, vice president of finance, North America.
NYC Teachers' picks 5
The $22 billion Teachers' Retirement System of the City of New York hired five new international equity managers to invest $1.37 billion, said Richard Halverson, deputy comptroller.
Capital Guardian, Delaware Investments and T. Rowe Price each was given $350 million; Putnam Investments, $200 million; and Spruce Grove, $125 million. Funding will come from rebalancing, Mr. Halverson said.
David Bostian, chief economist and investment strategist of Herzog Heine Geduld, who correctly predicted the bull market of the 1990s, died last week after a long battle with cancer. He was 55.
Mr. Bostian, whose forecasts appeared in P&I over the years, also predicted the collapse of price/earnings multiples in the early 1970s, identified the peak of interest rates in 1981 and the start of a major economic expansion in 1982.
College boosts Wellington
The $35 million Sarah Lawrence College endowment increased Wellington Management's large-cap value equity allocation to $14 million from $8.5 million, said Dennis Cross, vice president of finance and planning.
The increase followed the termination of Miller, Anderson & Sherrerd as a large-cap growth manager. Mr. Cross would not discuss the termination, but said Miller, Anderson continues to manage an $8 million domestic fixed-income portfolio.
Cambridge Associates assisted.
Currency arm formed
Bank One formed First Chicago Currency Advisors, a currency overlay subsidiary in partnership with Gary Klopfenstein, president of GK Investment Management.
Through an "exclusive consultancy contract," GK's currency overlay business will effectively become a part of First Chicago, said Fred Stambaugh, president of the new unit. He previously was global head of First Chicago's strategic risk management advisory group, which will be folded into the new currency unit.
Executives are negotiating for GK's existing clients to move to the new unit, Mr. Stambaugh said. GK manages between $500 million and $1 billion.
Commonfund hired CRA Real Estate Securities, EII Realty Securities and RREEF America to manage its first public REIT fund. Skip Miller, senior vice president and COO, Commonfund Realty, said the goal is to grow the public REIT fund to $300 million from its current $15 million. It was started in response to a strong demand from Commonfund investors, Mr. Miller said.
Young gets CalPERS post
Casey L. Young was appointed chief of the office of governmental affairs for the $147 billion California Public Employees' Retirement System, replacing Susan Myers, who retired. Mr. Young previously was administrative director of the state's division of workers' compensation.
Merger talks end
The Chicago Board Options Exchange terminated merger discussions with the Pacific Exchange, citing the extensive reporting requirements by the U.S. Department of Justice.
"CBOE's decision to terminate discussions with (the Pacific Exchange) was made strictly on the basis of our available time and resources, said William J. Brodksy, the CBOE's chairman and chief executive.
Harding forms own firm
Steven M. Harding, previously assistant director of internal audit at the New York State Common Retirement Fund, has formed his own consulting firm, Medallion Pension Consulting, to help pension executives identify and manage operational risk and test controls of investment managers against risk objectives of pension funds.
Mr. Harding's firm has been hired as an outside consultant by Independent Fiduciary Services to help in marketing investment adviser performance.
He has not yet been replaced at the New York Common Fund.
Doremus joins Riggs
Colleen H. Doremus was named director and fixed-income officer at Riggs Investment Management, where she is responsible for managing short-term fixed-income portfolios. She replaces Bruce Holmquist, who left in August.
Ms. Doremus previously was a fixed-income portfolio manager at Legg Mason Capital Management.
The offices for the Indiana Public Employees' Retirement Fund were hit by flooding last week caused by frozen water pipes. The offices hit hardest were in the finance area; the investments area was not affected, according to a staffer.
Artisan widens staff
Artisan Partners expanded its institutional marketing department. Darren DeVore and Michael Steinrueck, both named partners, will work on institutional client marketing and sales. Edward P. Mooney Jr. was named director of defined contribution plan alliances.
Mr. DeVore was most recently chief marketing officer of Blairlogie Capital Management. Mr. Steinrueck was most recently managing director and head of U.S. institutional marketing for Global Asset Management. Mr. Mooney was vice president of Pilgrim Baxter & Associates.
McLatchie named COO
Colin McLatchie has joined Scottish Equitable Asset Management as chief operating officer, a new position. He previously was COO and CIO at PanAgora Asset Management's London office, which was reduced to a marketing office last fall.
Cemetery selects Conseco
Washington Park Cemetery hired Conseco Capital Management to run a $1 million midcap growth equity mandate for its investment fund.
Ted Mau, secretary and assistant treasurer of the cemetery, said Conseco replaces another firm he wouldn't name.