Stephen L. Nesbitt, senior managing director and a principal at Wilshire Associates, resigned on Thursday following a reorganization undertaken by Dennis Tito, CEO, and the board of directors, as reported in today's P&I People.
Mr. Nesbitt, a 23-year veteran of Wilshire, was head of the consulting and funds management divisions. Julia Bonafede was named senior managing director of consulting, while Mr. Nesbitt was offered the funds management position but resigned instead; Michael J. Napoli Jr. was named managing director of that division. Ms. Bonafede had been head of Wilshire's U.S. client service unit; Mr. Napoli ran the firm's hedge fund of funds business. Details on their replacements were not available. Kim Shepherd, Wilshire spokeswoman, said the changes were part of "several strategic business decisions" that apparently were made, in part, to separate consulting from asset management.
Mr. Nesbitt did not return a call seeking comment by press time.