Aug. 9 2002 P&I People
Thomas E. Flanigan was named chief investment officer of the approximately $4.5 billion Orange County Employees Retirement System, Santa Ana, Calif., said Keith Bozarth, executive director. He starts in September. Mr. Flanigan replaces Farouki Majeed, who left in mid-March to join the Ohio Public Employees Retirement System, Columbus, as assistant director of investments.
Most recently, Mr. Flanigan was senior vice president of institutional marketing at American General Investment Management LLP, New York, where there are no plans at the present to replace him, according to a spokesman.
Mr. Flanigan returns to California, where he spent 11 years as the CIO of the California State Teachers' Retirement System, Sacramento, until 1997, when his contract was not renewed.
He became CIO of the $22 billion Connecticut Retirement Plans and Trust Funds, Hartford. He was dismissed from the Connecticut fund in a very public dispute with state Treasurer Denise L. Nappier in December 2000, after barely seven weeks on the job.
The Los Angeles office of Maximus, an executive search firm, assisted Orange County officials in their search for a CIO.
Boeing Co., Chicago, is searching for a replacement for Jim Wadhwani, director-trust investments. He oversees fixed income at the $37.5 billion defined benefit fund and has been the No. 2 executive overseeing retirement fund investments, behind Susan E. Manske, chief investment officer. Mr. Wadhwani plans to retire at the end of August. Information wasn't available on whether Boeing is using a recruiting firm to assist in the search.
John Wolfzorn was named vice president at E.W. Scripps Co., Cincinnati; he remains treasurer or the company. He now has oversight of the company's $260 million 401(k) plan and $240 pension plan, along with administrative and manager selection duties, said Tim Stautberg, vice president of communications and investor relations. The responsibilities had been handled by Chief Financial Officer Daniel Castellini, who retired in May. Joseph NeCastro took over as CFO.
John Kerrigan joined the $500 million endowment fund of Santa Clara University, Santa Clara, Calif., as chief investment officer, a new position. Mr. Kerrigan said he has no immediate plans to change the fund's investment strategy. He previously was a managing director for institutional sales at Merrill Lynch, San Francisco; no information was available on a replacement there.
Bernice Badger was hired as chief financial officer at the Community Service Society of New York, overseeing a $130 million endowment and $16.5 million defined benefit pension plan. She replaced Martha Ferry, whose plans are unknown. Ms. Badger was chief financial officer at Lexington School and Center for the Deaf, New York. Jim Gutierrez replaced her. Further details were not available.
The small-cap value team at Chicago Asset Management Inc., Chicago, left the firm July 31 to form their own firm. The team consisted of brothers Michael C. Wolcott and Patrick Wolcott, Gary J. Kauppila and Kevin J. McGrath, none of whom could be reached for comment. Sources said the departing team had tried to persuade CAM to hire them as subadvisers for the small-cap strategy. Todd Davis, senior vice president at CAM, said he could not comment. Mr. Davis said the small-cap team managed about $8 million in the strategy, down from a high of $49 million, and the two unidentified clients using it said they will remain with CAM.
Mr. Davis said large-cap value portfolio managers Jon Holsteen and Scott Sindelar assumed management of the small-cap contrarian value strategy. One analyst was hired to support the team but can't be identified until he has informed his current employer, Mr. Davis said. CAM is searching for two or three small-cap analysts with experience in structuring portfolios to support Messrs. Holsteen and Sindelar, rather than replacement portfolio managers, said Mr. Davis. The searches will be conducted without an executive recruiter, he said.
Banc One Investment Advisors Corp., Columbus, Ohio, plans to hire seven professionals to work in Columbus, said John Abunassar, senior managing director, institutional asset management. The hiring spree is prompted by strong growth in assets from both institutional and retail investors, Mr. Abunassar said.
Among the new positions is a senior fixed-income portfolio manager for the taxable bond team, which primarily manages institutional assets but also some retail mutual fund assets, Mr. Abunassar said. Two senior credit analysts are sought for the same team.
Banc One continues to search for a large-cap equity analyst, but has been delayed by summer vacations, Mr. Abunassar said. "We've been looking really hard for candidates, but July was a very slow month for getting responses from people."
In addition, Banc One is seeking three equity analysts to support the firm's institutional and mutual fund equity teams.
Brian J. Walsh was named managing director in the marketable alternative investments group of Commonfund Asset Management Co., Wilton, Conn. It is a new position. Mr. Walsh was director and vice president in the credit derivatives group at Credit Lyonnais, New York, where he established a global hedge fund strategy and managed portfolios.
John Nestor joined Citigroup Asset Management as head of the company's European institutional business and global consultant relations. Based in London, Mr. Nestor will work to expand Citigroup's asset management services in Europe and direct consultant relations teams worldwide. Mr. Nestor replaced Michael Green, who is leaving in November to pursue other interests. Mr. Nestor was director of institutional marketing and client services at Henderson Global Investors, London, where information on his replacement wasn't available at press time.
Dianne Orbison was named interim head of Advantus Capital Management Inc., St. Paul, Minn., replacing William Westhoff, president, who retired in July. Mr. Westhoff had vowed to retire at the age of 55 "and was very pleased to have done so," Ms. Orbison said. Ms. Orbison, vice president-investment products and a 12-year veteran of the company, "is a leading candidate to succeed Mr. Westhoff," Robert L. Senkler, chairman, president and CEO of Securian Financial Group, the parent of Advantus, said in a statement. She will hold both jobs for about a year and has delegated some of her old duties to others, said Margaret Jensen, a spokeswoman.
Thomas Ramos was hired as chief investment officer of South Texas Money Management Ltd., San Antonio, a new position. The duties had been handled by Jeanie Wyatt, chief executive officer, who remains with the company. Previously, Mr. Ramos was a fixed-income securities analyst at USAA Investment Management Co., San Antonio. Mr. Ramos' responsibilities were assumed by remaining members of the fixed-income team, said Tom Honeycutt, USAA spokesman.
Louis T. Hsieh was appointed managing director at Darby Asia Investors Ltd., Hong Kong, according to Joseph W. Ferrigno III, president and chief executive. Prior to joining Darby, a private equity firm that invests in emerging markets, Mr. Hsieh was managing director and regional head of the technology, media and telecommunications sector for UBS Capital/UBS Warburg in Hong Kong.
L. David Tisdale was named chief executive officer of Starbuck, Tisdale & Associates, Santa Barbara, Calif., a new position. He had been chief investment officer and president. Jon Bull, executive vice president and director, was promoted to president and CIO.
Mark Bradley was named senior vice president of fund administration and deputy treasurer at CDC IXIS Asset Management, Boston. Mr. Bradley will be responsible for financial and regulatory administration of the CDC Nvest family of mutual funds. He will replace Tom Cunningham, who is retiring at the end of the year. Mr. Bradley had been vice president and assistant treasurer at MFS Investment Management. No information on his replacement was available.
Wade Slome was promoted to co-manager of the Core Growth Strategy and Select mutual funds at American Century Investment Management Inc., Kansas City, Mo. Mr. Slome, who will co-manage the funds with Tim Reynolds, replaced Ken Crawford, who left the firm in May to pursue other opportunities, said spokeswoman Laura Kouri. Mr. Slome had been an investment analyst for the company's Ultra mutual fund; other members of the Ultra team will assume those responsibilities, she said.
Paul Schaefer resigned as executive vice president of Capital Resource Advisors' business strategies group in Mill Valley, Calif. Mr. Schaefer said he will pursue a job on the operations side of financial services, and is considering several options. The business strategies unit now is headed by Jeanette Schreiber, executive vice president, who is based in Chicago, said Kevin R. Greene, chairman and CEO of CRA Holdings Inc., Chicago. Mr. Schaefer joined CRA when his firm, Investment Counseling Inc., was acquired last year.
Steve Rogers was named a director of CRA RogersCasey, Darien, Conn., and its parent company, Capital Resource Holdings LLC, Chicago. Kevin R. Greene, chairman and CEO of the holding company, said Mr. Rogers will provide strategic advice to management of both firms. Mr. Rogers founded RogersCasey in 1976 with John Casey. BARRA bought Rogers Casey in 1996 and CRA bought it earlier this year. Mr. Rogers retired from consulting in 1999.
Joseph Antonellis was named chief information officer at State Street Corp., Boston. He replaces John Fiore, who is leaving to pursue other opportunities, said Carolyn Cichon, State Street spokeswoman. Mr. Antonellis, who joined State Street in 1991, will maintain his current position as head of the firm's strategy development office, said Ms. Cichon. Mr. Antonellis will be responsible for the management, development and implementation of the global technology strategy for State Street.
Jon Baum was named to the new position of president and CEO of Scudder Distributors Inc., New York. Mr. Baum will oversee sales, marketing and service. Mr. Baum was executive vice president and director of business development at UBS PaineWebber, New York.