Aug. 2, 2002 P&I People
TOP OF THE NEWS
J. Thomas Allen, chief executive officer and president of Advanced Investment Management Inc., Pittsburgh, resigned from both roles in a literal manifestation of the credo, "He who lives by the sword, dies by the sword."
Mr. Allen said he gave up all management and investment responsibilities at the firm he founded in 1987 as a subsidiary of Pittsburgh National Bank Corp. (It's now employee-owned.) He will remain at the firm in a non-management, non-investment role during a transition period. "I'll just be another employee," Mr. Allen said.
Advanced Investment Management manages $5.5 billion for institutional investors.
William Belko, who was named Advanced Investment Management's chief investment officer in early July, also will become its president and CEO.
Mr. Allen said he takes full responsibility for the investment decisions he made at the end of last year and in the first six months of this year that led to some clients of its enhanced S&P 500 strategy terminating the firm.
"One hundred percent of my energies going forward are going to be dedicated to making sure that this investment firm and its talented staff go forward strongly, regardless of what happens to me. I have an obligation to current and past clients to get their questions (about performance) answered," Mr. Allen said.
Mr. Allen, 46, said he has not made plans beyond the transition period.
The $22 billion Teachers' Retirement System of Illinois, Springfield, has searches under way for two investment staffers, said Jon Baumann, executive director. Candidates with industry experience are sought for the new positions of director of real estate and director of investments. Both will report to Charles Self, chief investment officer. The director of real estate will oversee outside real estate managers, which manage 14% of the plan's assets. The director of investments will have day-to-day oversight of all investment classes except real estate. Hudepohl & Associates, Worthington, Ohio, is conducting the searches.
Ohio Public Employees' Retirement System, Columbus, is searching for a director of finance. The person will be responsible for all accounting operations and financial reporting, said Gary Hudepohl, president of Hudepohl & Associates, the search firm assisting the $50.8 billion plan. Mark Snodgrass is the fund's current director of finance, said Mr. Hudepohl. Fund officials could not be reached to comment on Mr. Snodgrass.
Laura Sitrin, finance director at the $90 million Fairfax City (Va.) Supplemental Retirement Plan, resigned last week to become finance director for Newport, R.I. A search for her successor is under way, said Cynthia Henderson, assistant finance director.
Carol Proffer and Jim Wylie, two marketing professionals at Pilgrim Baxter & Associates Ltd., Wayne, Pa., left the firm in what sources say is a downsizing move. Both were senior vice presidents of institutional marketing; Mr. Wylie also was senior vice president of client service. They won't be replaced, said spokesman Tucker Hewes.
Cramer Rosenthal McGlynn LLC, New York, is searching for a small-cap value equity analyst. Consultants speculate the person will partly replace Michael Prober and Scott Scher, portfolio managers and principals who left in the spring with William J. Cline Jr., CRM's vice president of institutional client services, to start a hedge fund, Clovis Capital Management LLC, New York.
SEI Investments Inc., Oaks, Pa., is searching for a manager of hedge funds, a new position. Duties will include overseeing selection, including due diligence, of hedge funds for inclusion in a fund of funds SEI is starting. Developing risk management policies for the hedge funds also is part of the job. The person will report to Sue West, managing director for alternative investments. SEI is using an internal recruiter. Anyone interested may apply to the company.
Sandor Cseh, senior vice president and co-director of international investments at Dreyfus Corp., New York, will retire in the second quarter next year, according to SEC filings. D. Kirk Henry, co-manager with Mr. Cseh of the $359 million Dreyfus International Value Fund and co-director of international investments, will handle both jobs when Mr. Cseh retires, a Dreyfus spokeswoman said.
Bruce Bittles was appointed managing director-chief equity strategist at Robert W. Baird & Co., the Milwaukee private equity and asset management firm. It is a new position. Mr. Bittles most recently was a partner in charge of market strategy at J.C. Bradford & Co., Nashville, Tenn., from 1985 until the firm was acquired by PaineWebber in 2000.
Alejandro Schwedhelm was named managing director of Darby Overseas Investments Ltd., Washington, with special responsibilities for Darby's financial services investment operations, according to Frank Vogl, a spokesman for Darby, which makes private equity investments in emerging markets. Mr. Schwedhelm had been group president and Latin America managing director of GMAC-RFC, and said he won't be replaced there.
Dan Rohr was appointed chief operating officer at Churchill Capital Inc., a new position at the Minneapolis private equity firm. Mr. Rohr previously was vice chairman of U.S. Bank's corporate banking and specialty lending group before the bank merged with Firstar.
Jeff Silverman was appointed director of external investments at Tudor Investments, a new position at the Greenwich, Conn., hedge fund firm. Mr. Silverman previously was a vice president in the prime brokerage unit at Goldman, Sachs & Co. Inc., New York.
James Hannan was promoted to managing director and head of fixed income at Allied Investment Advisors Inc., Baltimore. He had been senior fixed-income portfolio manager.
Charles V. Mangano was named head of private client and asset management marketing and communications, a new position, at Deutsche Asset Management in the Americas, New York. He also is a managing director. Mr. Mangano held a similar post at Merrill Lynch & Co., New York, where he was senior director of brand management and also oversaw global marketing communications. Eileen Lynch, first vice president of brand advertising, will assume his duties at Merrill.
John P. Driscoll was named chief strategy officer at LJH Global Investments LLC, Naples, Fla. The position is new. Mr. Driscoll earlier this year was named chairman of the firm's advisory board. As chief strategy officer, Mr. Driscoll will direct LJH's corporate development and marketing and sales activities
David E. Demarest joined Freeman Associates Investment Management, Rancho Santa Fe, Calif., as executive vice president-operations, a new position. Mr. Demarest will oversee finance, compliance, information technology and human resources, taking over these duties from John Freeman, president, who said he's glad to be able to concentrate on investment management and marketing. Mr. Demarest will serve on the firm's executive management committee. Mr. Demarest was the chief financial officer of mPower.com Inc., San Francisco. Neil Ringquist, executive vice president of sales and marketing, did not return calls by press time regarding Mr. Demarest's replacement.
Howard Present was named senior vice president and director of product management at Evergreen Investments Inc., Boston. He replaces Patrick Bannigan, who joined Touchstone Funds, Cincinnati, as senior vice president and managing director, said Mike Due, Touchstone spokesman. Mr. Present will be in charge of product management, product development and strategy. Previously, he was managing director of corporate product management and development at Putnam Investments, Boston, where other staffers will assume his duties.
Linda Fitzgerald was hired by Aetos Capital LLC, a private equity and hedge fund firm, as vice president and risk manager, a new position, at the firm's Palo Alto, Calif., office. Ms. Fitzgerald had been a principal and head of investment relationship management and client reporting at Barclays Global Investors, San Francisco. A BGI spokesman said they hoped to fill the position soon.
Cynthia F. Steer was named director of fixed-income research, a new position, by consultant CRA RogersCasey, Ms. Steer most recently was overseeing investment of a $1.5 billion portfolio for insurer SBLI USA Mutual Life Insurance Co. Inc., New York. Barbara Franklin, a spokeswoman for SBLI, declined to comment on a replacement. Ms. Steer is widely known in the pension community; she was director of pension investments for United Technologies Corp. and vice president-benefit investments for Philip Morris Cos. Inc.