Aug. 30 P&I PEOPLE
TOP OF THE NEWS
H. Gifford Fong is out as editor of the Financial Analysts Journal.
Craig K. Ruff, a vice president of the Association for Investment Management and Research, Charlottesville, Va., which owns the publication, is serving as acting editor. AIMR executives are believed to be searching for a permanent replacement.
One insider said Mr. Fong was ousted because "they decided they needed a journal that is more meaningful to members to assist their clients." The apparent change is the organization's recognition "that in the investment world today, the bulk of the business is more retail than pension funds," the source said.
Mr. Fong, even though he had been editor since about 1998, isn't even a member of the AIMR. The organization's confirmation service said Mr. Fong had been a member in 1999 and 2000.
Mr. Fong declined to discuss his departure. He is president of Gifford Fong Associates, a risk and investment analytics firm based in Lafayette, Calif. Mr. Fong said he will be involved with another publication, although he declined to name it.
Among those at the AIMR not returning calls for comment about FAJ were Katrina F. Sherrerd, senior vice president, who oversees the FAJ; Thomas A. Bowman, president and chief executive officer; Dwight D. Churchill, vice chair of the AIMR board of governors and division head of fixed income, Fidelity Management & Research Co., in its Merrimack, N.H., office; and Mr. Ruff.
Amy Prehn and May Yu were hired by the Massachusetts Pension Reserves Investment Management Board, Boston, as investment analysts covering public securities markets. Ms. Prehn joined the $27 billion pension fund from Cambridge Associates, Boston, where she was an analyst. Ms. Yu had been an analyst at Bain Capital Inc., Boston. Representatives at Bain and Cambridge could not be reached by press time for information on their replacements.
The fund also hired Zoe Niarchos as an analyst covering alternative investments. Ms. Niarchos was a former intern at PRIM. All three fill vacancies, said Jerry Mitchell, CIO.
The PRIM board also is looking to hire a real estate analyst, Mr. Mitchell said.
Andreas Utermann will become global chief investment officer of Allianz Dresdner Asset Management on Nov. 1, succeeding Bill Price. Earlier this year, Mr. Price announced he would focus on his duties as chairman and CIO of Dresdner RCM Global Investors, a unit of ADAM. Mr. Utermann was a rising star at Merrill Lynch Investment Managers in London when he resigned as global head of equities in May amid a series of client defections and staff turnover. At Merrill Lynch, Brian Murdock assumed Mr. Utermann's responsibilities;. Mr. Murdock had been president and CIO of the Asia-Pacific region.
Richard Worley, head of the alternative investment division of Morgan Stanley Investment Management, New York, and chairman of the former Miller Anderson and Sherrerd, retired after 24 years with the now combined companies. Mr. Worley joined MAS in 1978 and was instrumental in building and strengthening that firm's institutional fixed-income business. He was part of the transition team when MAS was purchased by Morgan Stanley in 1996 and served as head of the global institutional asset management business before taking on the strategic investments area. Jack Coates, a managing director in alternative investments, assumed Mr. Worley's duties.
American Century Investment Management Inc., Kansas City, Mo., is searching for two additional institutional sales and marketing executives to join an existing team of five. Successful candidates will be seasoned senior marketing professionals with extensive industry experience, a spokesman said. Geography is not a consideration; American Century would set up a new office for the right candidate. Glenn Mills Buggy, managing director and partner in the asset and wealth management practice of Whitehead Mann Inc., New York, is conducting the searches.
Lee Munder Capital Group, Boston, is searching for an equity analyst to support its new small-cap value equity team. Todd Vingers, portfolio manager and head of the team, brought one analyst, Doug Clevent, with him to Munder when he moved from American Century Investments Inc., Kansas City, Mo., in June. The new analyst eventually could assume portfolio management responsibilities, said Kenneth Swanson, a spokesman.
Michael Schafer was named managing partner of UNC Ventures, a $20 million venture fund sponsored by UNC Management Co. LLC, Chapel Hill, N.C. The venture fund will be open to other investors, but most of the capital will come from the endowment and schools in the University of North Carolina system, said Mark Yusko, president and CEO of UNC Management, the college's investment management unit. Mr. Schafer had been general partner at Tullis-Dickerson & Co., a Greenwich, Conn., venture capital firm. Tom Dickerson, partner, said he will handle Mr. Schafer's duties until a replacement is found.
Jack L. Rivkin was named executive vice president and head of research, research sales and equity trading at Neuberger Berman, a new position. Mr. Rivkin will have day-to-day oversight of research, picking up from Les Werkstell, who recently left the firm, said Jeffrey B. Lane, president and CEO. Mr. Rivkin was head of Citigroup Investments Technology Venture Capital until his retirement in December 2001.
James Gordon joined Federated Investors Inc., Pittsburgh, as director of quantitative analysis for its newly established global equity unit, a new position. Mr. Gordon had been head of quantitative research, responsible for the U.S. equity division, at J.P. Morgan Fleming Asset Management, New York. He won't be replaced. In addition, Federated will be hiring a head of fundamental research to oversee domestic, international and global equity analysis.
Hugh Fanning joined Columbia Management Group Inc., Boston, as senior vice president and director of investment marketing for the Liberty Funds, a new position. Mr. Fanning was vice president, product development at Fidelity Investments, Boston, where he managed new product development for the Fidelity Advisor and VIP fund families. Mr. Fanning's duties were assigned to others and he was not replaced, said Daniel Flaherty, a spokesman.
Gaelen Morphet was promoted to lead manager of the deep value investment portfolio management team at CM Investment Management Inc., Toronto. She replaces Kim Shannon, who is leaving to pursue other opportunities. Ms. Morphet is first vice president-equities at CMI.
Keith Stanford was hired to head investment relationship management at Barclays Global Investors, San Francisco. He succeeds Linda Fitzgerald, who left BGI last month to become vice president and risk manager at Aetos Capital LLC. Mr. Stanford previously was a vice president at Robertson Stephens, an investment banking firm that closed in July.
Three analysts joined the U.S. equity research department of Morgan Stanley Investment Management, New York. Alexandra Conway, a sell-side food industry analyst from J.P. Morgan Chase & Co., New York, replaced Karen Post, who left the firm. Two positions were added: Armistead Nash is a business services sector analyst and Michael Seitz is a telecommunications equipment and services sector analyst. Both come straight from graduate school into the jobs.
Stephen Reynolds and Matt Radgowski were promoted this week to vice presidents at Ibbotson Associates, Chicago. Mr. Reynolds is western regional sales director; Mr. Radgowski is director of key accounts.