Dean Murray, executive administrator and chief investment officer of the $20 billion Texas Education Agency's Permanent School Fund, Austin, will be leaving his position this month to pursue employment with a private investment firm. Mr. Murray has been executive administrator of the fund since 1996.
Diana Will, chief investment officer of the West Virginia Investment Management Board, Charleston, resigned. The $6.5 billion system put investment changes on hold until it hires a replacement, said H. Craig Slaughter, executive director. The search will not begin until trustees complete a review of Mr. Slaughter, whose contract expired in May. The system is close to wrapping up its search for an executive director and Mr. Slaughter, who is being considered, should know by the end of August if he will be retained.
Glenda Chambers was appointed interim executive director of the Louisiana State Employees' Retirement System, Baton Rouge. Ms. Chambers, assistant director, took over the duties of former Executive Director James Wood, who resigned to pursue other opportunities. Mr. Wood had been with the $6 billion system for five years. A search committee has been appointed by the board of trustees, a spokeswoman said.
Irwin Loud, chief of private equity at the $95 billion Florida State Board of Administration, Tallahassee, left the pension fund to join Muller & Monroe, a new buyout firm in Chicago, as a partner. Executive Director Tom Herndon said no decision has been made yet about a successor, but that current members of the investment staff would be considered.
Narv Narvekar and Dale Kunkel were hired as senior director and director of investments, respectively, at the University of Pennsylvania, Philadelphia, said Landis Zimmerman, chief investment officer. The university has a $3 billion endowment and a $500 million university employee pension plan.
Mr. Narvekar will focus on long-term planning and alternative investments such as private equity, real estate and hedge funds. Mr. Kunkel will oversee the university's fixed-income assets and assist with private equity, hedge and absolute-return funds. He also will direct quantitative research.
Both are new positions, Mr. Zimmerman said.
Previously, Mr. Narvekar worked in New York-based J.P. Morgan's equity derivative group. Mr. Kunkel was a consultant with Capital Risk Market Advisers.
"We're changing the way the endowment had been managed," Mr. Zimmerman said. The additions bring the university's investment staff up to five.
Marjorie Tsang was appointed assistant deputy comptroller in charge of the Albany-based New York State Common Retirement Fund's $3.5 billion real estate portfolio. Ms. Tsang was chief counsel for the $111 billion fund's investments division, and its real estate counsel before that.
Separately, state comptroller H. Carl McCall appointed Barbara Mickens Washington chief real estate investment officer for mortgage investments. She was assistant deputy comptroller for cash and debt management.
Terry Wolfe resigned as chief investment officer at the Howard Hughes Medical Institute, Chevy Chase, Md. A search for his replacement is under way. No information was available about Mr. Wolfe's plans.
Samuel Dallas, most recently director of trust investments for MCN Energy Group Inc., Detroit, resigned to pursue other opportunities. Mr. Dallas oversaw the firm's $1.4 billion in pension assets. Larry Schenk, manager trust investments, assumed Mr. Dallas' duties until a permanent replacement is named.
John MacNaughton was chosen as the first president and chief executive officer for Canada Pension Plan Investment Board, Toronto. Mr. MacNaughton previously was president of Toronto-based Nesbitt Burns.
The CPP board, which is independent of the C$36.5 billion (U.S.$24 billion) Canada Pension Plan, has close to C$500 million in assets.
Walt Stedman became pension administrator for the $279 million Kansas City (Kan.) Board of Public Utilities Retirement System, replacing George H. Dalton, who retired. Mr. Stedman had been coordinator of liability claims for the Kansas City Board of Public Utilities.
Dennis Ferro has been named chief investment officer for the Capital Management Group at First Union, Charlotte, N.C., an umbrella division overseeing all asset management, trust, mutual fund and benefit services operations of the bank. It is a new position.
Mr. Ferro had been chief executive officer of Scudder Investments (U.K) Ltd.
Peter Jones is leaving INVESCO's marketing division in New York to become a managing director and head of business development at Oppenheimer Capital, New York.
Mr. Jones was a marketer to endowments, foundations and corporate retirement plans. A replacement will be sought to handle the endowment and foundation marketing, said Nina Lesavoy, INVESCO managing director.
Mr. Jones replaces Joe Rusbarsky at Oppenheimer.
David Schultz was promoted to chief executive officer at HarbourView Asset Management Corp., New York, three months after joining the company as president and senior managing director.
He replaces Leonard Darling, who was appointed chief investment officer at OppenheimerFunds Inc., New York, following the departure of Bob Doll. Mr. Doll has become chief investment officer for equities at Merrill Lynch Asset Management, New York, replacing Norman Harvey, who retired in February.
J. Eric Misenheimer was named to the new position of vice president and senior portfolio manager for high-yield bonds at Northern Trust Global Investments, Chicago.
He formerly was a vice president and senior fixed-income analyst for the high-yield strategy at Stein Roe & Farnham Inc., Chicago. Representatives from Stein Roe did not return phone calls regarding his replacement by press time.
Robert S. Franklin joined Neuberger Berman, New York, as co-manager of the firm's High Yield Bond Fund, a new position, said Martin McKerrow, co-director of the fixed-income group. In addition to his fund duties, Mr. Franklin will manage Neuberger's high-yield separate accounts and will have corporate credit responsibilities within the fixed-income group.
Mr. Franklin had been an industrial analyst in the high-yield group with Prudential Insurance, where he will not be replaced, said
Timothy Biggs, a Prudential spokesman.
Victoria M. Paradis joined J.P. Morgan, New York, as vice president and stable value portfolio manager. She will be responsible for stable value portfolio management and will lead the group's business development. She had been a vice president and stable value product specialist at PIMCO, where she was responsible for developing stable value investment strategies and new business development. She replaces Kathleen Rooney, who left the company.
Leonardo A. Vila assumed portfolio management responsibilities on the team managing Federated Investors's $650 million International Small Company Fund. He joins team members Henry A. Frantzen and Drew Collins. Mr. Vila had been doing investment analysis for the fund since 1996.
He replaces Tracy Stouffer, who left the firm. Federated is looking for an analyst to replace Mr. Vila, said a Federated spokesman.
Roger Yates, named chief investment officer INVESCO Global just last year, was named managing director of new business at Australian insurer and money manager AMP Ltd. Mr. Yates also will become managing director of Henderson Investors, a subsidiary of AMP, succeeding Dugald Eadie, who will take early retirement. Mr. Yates will be based in London.
Deputy Chief Executive Tristan Hillgarth was named head of investment at INVESCO Global; Sarah Bates was named managing director of INVESCO Global's U.K. institutional division. Ms. Bates will continue to be responsible for INVESCO's special funds business.
Paula J. Thurston was appointed vice president and senior portfolio manager of AMB Property Corp., San Francisco, and William G. Marino, vice president and acquisitions officer. Ms. Thurston previously was at Glenborough Realty Trust, San Mateo, Calif. "Her position was eliminated during cutbacks. It was really our loss," said Skip Corsini, director of corporate services at Glenborough. Ms. Thurston replaces Lindsey Adams, who left to become a portfolio manager at Burnham Pacific Properties Inc., San Diego.
Mr. Marino, whose position is new, previously worked at Starwood Urban Investments, San Francisco, as a principal and manager. He will not be replaced, said Karen Gibson, acquisitions manager at Starwood.
Warren A. Johnson was elected president of the Boston Security Analysts Society Inc., Boston. He is president, chief investment officer and founder of Johnson Portfolio Group, an investment manager and consultant. Mr. Johnson replaces former president Stephen McCarthy, an emerging markets portfolio manager at State Street Global Advisors, Boston.
Sheryl Pressler, chief investment officer of the California Public Employees' Retirement System, Sacramento, received the annual Robert Toigo Award, which recognizes the contributions of a plan sponsor to the pension and investment community. Since joining CalPERS in 1994, Ms. Pressler has helped the system's investment portfolio nearly double to more than $155 billion from $78 billion. Her long-term investment strategy has earned the system a 19.5% return for the one-year period ended June 30, and an average 14.4% return for the past five years.
A large part of the gains are attributed to the CalPERS administration's decision to put more of the fund's assets into equities. Four years ago, 49% of the portfolio was in the U.S. and international equity market, while today equity assets account for nearly 65% of the system's portfolio.
Ms. Pressler also was recognized for leading a group of more than 12 large pension funds in a campaign to examine ways of obtaining better terms and conditions in private equity deals. Her efforts resulted in two industry studies calling for improved disclosure by general partners
