Two principals of Wilshire Asset Management and a vice president of Wilshire Associates plan to leave this month to undertake separate pursuits.
Edgar Robie, principal and vice president and director-fixed income, will join Western Asset Management. His position there wasnt available. Michael J. Napoli Jr., principal and vice president and director-marketing and client services, will focus on venture capital investments through a firm he founded, Angeles Capital Management, which focuses on early-stage seed financing. Sean OBrien, vice president and director-marketing of Compass, Wilshire Associates investment analysis software, plans to join an Internet-related investment services company.
Wilshire Asset is re-evaluating its fixed-income management in light of the relatively small amount it manages $500 million. Stephen L. Nesbitt, senior vice president, said Wilshire Asset is talking with its clients about the future of its fixed-income management. He doesnt know if Wilshire will exit the business, but added, "We dont see it as a growth business. Mr. Robie "will have a better opportunity to add value at another firm, he said.
Mr. Nesbitt said the departures of Messrs. Napoli and Robie "are not a surprise. They will not be replaced. Wilshire Associates is seeking to replace Mr. OBrien as soon as possible and may hire an executive search firm if the need arises.