Robert M. Hamje, president and chief investment officer at TRW Investment Management, left Northrop Grumman earlier this year, sources said. Company officials declined to confirm his departure. Repeated attempts to contact him for this story were unsuccessful.
Mr. Hamje's departure is surprising because when the TRW acquisition was first announced, industry insiders speculated he would be named to head the combined plans. Two months before the deal, Northrop Grumman's Rose Mary Abelson had left to join WestAM Private Equities, Chicago, and her position at the pension fund was vacant.
Instead, Rajendar Chandhok was named vice president, investments and trust administration in May, filling Ms. Abelson's position. It is not known whether Mr. Hamje left before or after Mr. Chandhok joined Northrop Grumman from a real estate association; he could not be reached for comment.
TRW, Cleveland, had $2.6 billion in defined benefit assets and $2.7 billion in defined contribution assets as of Dec. 31, 2002. Northrop Grumman, Los Angeles, had $15.3 billion in defined benefit assets and $10.4 billion in defined contribution assets as of Sept. 30.
About half of the employee benefit plans of the 16 companies Northrop Grumman acquired have been merged into Northrop Grumman's plans. In those cases, the acquired firm's money managers were terminated and the plan assets invested with Northrop Grumman's managers.
Northrop Grumman uses a fund-of-funds approach for its defined benefit and defined contribution plan investments, hiring about 50 to 60 money managers. There are 13 proprietary investment options on the defined contribution side.