Arnott leaving First Quadrant

Robert D. Arnott will resign as chairman of First Quadrant LP, Pasadena, Calif., effective April 30. Mr. Arnott will focus full time on his 2-year-old research and subadvisory firm, Research Affiliates LLC, also in Pasadena, as well his editorship of the Financial Analysts Journal, according to a letter that firm officials sent to First Quadrant clients. No one will take over as chairman, and no other organizational changes will occur, explained Max Darnell, the firm's chief investment officer.