Franklin Kettle, Joseph Ramrath and Kevin O'Brien, three former UAM executives, formed Colchester Partners, a Boston-based investment banking and strategic advisory firm focusing on money management. The firm has one client so far, a money manager Mr. Kettle wouldn't name that is seeking a partner.
Mr. Kettle led the UAM team that acquired more than 30 money manager affiliates and divested a dozen for UAM's parent, Old Mutual. The trio left in December after it became clear there wouldn't be much acquisition activity to pursue.
Alan Van Noord was named CIO of the $45 billion Pennsylvania Public School Employees' Retirement System, Harrisburg, said Dale Everhart, executive director. He will start in July. He replaces John Lane, who left to become CIO at Eastman Kodak. Mr. Van Noord is director of the bureau of investments at the $47 billion State of Michigan Retirement System, Lansing. Spokesman Terry Stanton said the Michigan system will use a firm to conduct a national search for his replacement. Whitehead Mann, Boston, conducted the Pennsylvania search.
Qwest Asset Management, the investment management subsidiary of Qwest Communications International, Denver, is searching for a replacement for Don Nesbitt, manager, who left to become vice president and director of equity investments at B.C. Ziegler and Co., Milwaukee. Mr. Nesbitt replaced Jay Ferrara, who resigned to pursue other interests, said Ziegler spokeswoman Cynthia Johnson. Qwest spokesman Steve Hammack said no decision has been made on how Qwest will fill the position.
Gumersindo Oliveros was named director of the pension investment department of the World Bank, Washington, where he will oversee $11 billion in pension assets. He replaces Sudhir Krishnamurthi, who became a managing director at Carlyle Asset Management, where he will help develop a secondary private equity group. Mr. Oliveros was director of the corporate finance group at the World Bank.
Heidi E. Walker joined Deutsche Asset Management, New York, as managing director and head of client service for the Americas. The new position is part of Deutsche's integration of Scudder Investments, said Missy DeAngelis, a spokeswoman. Victor Hymes, head of client service at Scudder, had been offered the job and declined to take it, Ms DeAngelis said. Ms. Walker was director of client service at Zweig-DiMenna Associates, a hedge fund company.
Ward Armstrong was named president of American Express Asset Management Group Inc., Minneapolis, a role he has been filling on a transitional basis for about a year, said Katie Libby, a spokeswoman. He remains president of American Express Retirement Services.
Mr. Armstrong replaces Steve Roszell, senior vice president of American Express Financial Advisors Inc., as president of the asset management division, Ms. Libby said.
Todd Davis joined Chicago Asset Management Co., Chicago, as senior vice president, a new position. He will head marketing, client service and product development. Mr. Davis was a consultant at Marco Consulting Group Inc., Chicago, and had headed the firm's investment manager research effort until about a year ago. Jack Marco, president, said he has not found a direct replacement yet.
Ken Brooks will become director of public funds for Weiss, Peck & Greer LLC's San Francisco office. He resigned as senior vice president of marketing for Deutsche Investment Management Americas, previously Zurich Scudder Investments, covering public pension funds in the Western United States. A Deutsche spokeswoman said no decision has been made on a replacement.
Aaron Low joined PIMCO as an emerging markets specialist and international portfolio manager in its Singapore office, according to Mark Porterfield, PIMCO spokesman. Previously, Mr. Low was a senior fund manager at Dresdner Asset Management, Singapore. Both companies are owned by Allianz AG. No information was available on a replacement.
Albert G. Trank Jr. was promoted to managing director at Prudential Capital Group, Newark, N.J., responsible for institutional asset management business, and Private Placement Investors LP, its private placement unit. Mr. Trank will continue as portfolio manager of the PRIVEST fund, a $975 million commingled private placement separate account whose investors include the $17.7 billion AT&T and $6.7 billion PG&E pension funds.
George Castineiras will join the sales team at CIGNA Retirement & Investment Services as regional senior vice president for the West. Mr. Castineiras replaced Philip Waldeck, who was promoted to head of business development; he will lead the Taft-Hartley and large-market sales effort. Mr. Castineiras was national sales director for the defined contribution group at MetLife. He was replaced by Frank Tocco, said MetLife spokeswoman Toni Griffin.
Melvin Lindsey was named first vice president and director of business development at Julius Baer Investment Management. Mr. Lindsey will be based in Los Angeles and will market Baer's institutional asset management strategies on the West Coast. His position was created as part of Baer's U.S. expansion. Mr. Lindsey was senior managing director at Wells Fargo Capital Management in the national corporate strategy unit; Thomas Harrison, senior managing director, assumed his responsibilities.
Scott D. McArtor was appointed senior director of business development, a new position, at CB Richard Ellis Investors LLC, Los Angeles. Mr. McArtor previously was vice president of asset management at Friedman Billings Ramsey. Mr. McArtor will be responsible for developing and marketing the firm's global investment products and the expansion of its separate account business in the United States.
William Miller, head of the risk management committee at Commonfund Inc., Wilton, Conn., was one of 24 administrative staff laid off as part of a downsizing and streamlining operation, said John Griswold, senior vice president. Mr. Griswold said investment staff were unaffected by the cuts. Verne Sedlacek, chief operating officer, assumed the duties as part of Commonfund's move to concentrate risk management functions from several departments, Mr. Griswold said.
Judith Robertson was appointed managing director of BGI Canada, Toronto, with responsibility for transition management business, a new position. Ms. Robertson also is president of BGI's recently formed brokerage subsidiary, Barclays Global Investors Services Canada Ltd. She had been global head of BGI's securities lending business, based in San Francisco. Mike Williams is replacing her in that post.
Timothy R. Barron will join CRA RogersCasey, Darien, Conn., as director of research. Over time, he will take over from Sheila Noonan as director of manager research; Ms. Noonan, based in Chicago, will assume other duties once the research becomes centralized in Darien. Mr. Barron most recently was director of U.S. institutional client development at high-yield bond manager Muzinich & Co. He also had been executive director of the city of Richmond (Va.) Retirement System and CIO of the Virginia Retirement System.
Raudlin Etienne also was promoted to managing director at CRA RogersCasey. She was previously a director of consulting.
Anne Maloney was hired as a consultant at Marco Consulting Group Inc., Chicago, a new position. Ms. Maloney had been in client service in the Chicago office of Columbus Circle Investors. A Columbus Circle spokesman did not return calls by press time regarding Ms. Maloney's replacement.
Jayson Davidson was hired as a consultant at Arnerich Massena & Associates Inc., Portland, Ore. He will specialize in the corporate and public sector defined contribution area. He had been vice president of institutional sales for the western United States at ICMA Retirement Corp.
James J. Waters has turned over Waters Associates Inc., the Denver-based investment management consulting firm, to his son, Sean, and started his own fund of hedge funds. Waters Capital Advisers LLC has one fund so far, the Sonata Multi-Manager Fund LP, which Mr. Waters describes as a "low- to no-leverage" fund of funds that invests in managers ranging from long-short equity to convertible arbitrage to high-yield bond timing. It has about $10 million from individual investors, but Mr. Waters said he sees the fund growing to in excess of $100 million through institutional clients.