Karen E. Gershman was named interim director of the $32 billion Massachusetts Pension Reserves Investment Management Board, Boston. She replaced James Hearty. Mr. Hearty announced his resignation last year and had said he would stay on until a new executive director was named; the board announced in December that it hired Russell Reynolds to conduct a national search for a permanent replacement.
Mr. Hearty said he will become a managing director in charge of marketing and client services with Relational Investors in San Diego.
Gay Lynn Bath was named defined contribution plan manager for the $606 million 457 plan of the Oregon Public Employees Retirement Fund, Salem, effective March 1. She is replacing Jon Springer, who is retiring. Ms. Bath is the defined contribution plan manager for the $112 million 401(k) plan at the Public Employee Retirement System of Idaho, Boise. The fund is conducting a search for her successor.
Phillip Schutt and Kyler Killmaster were terminated as portfolio managers at the $9.5 billion Illinois State Board of Investment, Chicago. The pair ran the board's $560 million in internal fixed income, which is being moved to a Lehman Aggregate Bond index fund, managed by Northern Trust Global Investments, Chicago. "Performance wasn't an issue," said William Atwood, executive director. "The board didn't feel it was meeting its fiduciary responsibility with internal management." The two won't be replaced. Their termination was effective Jan. 30.
Separately, Joy Winterfield joined the board as portfolio manager-private equity and real estate, overseeing external managers. She replaced Scott Richards, who was promoted to senior portfolio manager, overseeing all externally managed publicly traded securities, a new position. Ms. Winterfield was an analyst at UBS O'Connor LLC, Chicago. Information on a replacement wasn't available.
Chris Reilly was promoted to director of alternative investments at the $28 billion Colorado Public Employees' Retirement Association, Denver. Mr. Reilly had been portfolio manager in the alternative investments division. Officials expect to hire either a portfolio manager or an investment analyst to replace him; the search will be conducted in-house. Mr. Reilly replaced Kevin Kester, who left in December to become vice president of capital markets at The Broe Cos., Denver.
John J. Broussard was named chief investment officer for the Louisiana Department of the Treasury, Baton Rouge. He replaced J. Cooper Harrell, who retired in October. Mr. Broussard will oversee more than $6 billion in the state's general fund, trust fund and 529 plan. Mr. Broussard was CIO of Marlin Investments LLC, Lake Charles, La. Details about his replacement were not available by press time.
Tom Merchant was appointed chief executive officer of the %£19.3 billion ($36.3 billion) Universities Superannuation Scheme, Liverpool, England, according to a news release. Mr. Merchant, an independent management consultant, became interim CEO on July 1 following the retirement of David Chynoweth, who is staying on as a consultant through March. Norman Broadbent International Executive Search assisted.
Michael L. Troutman was promoted to internal consultant for strategic planning and business development, a new position, at the Evangelical Lutheran Church in America, Minneapolis. He will assist John Kapanke, ELCA president, in setting the organization's business plans, said Terry Mencel, a spokesman for the $5.5 billion 403(b) plan. Mr. Troutman was vice president and chief investment officer; he was replaced by Curtis G. Fee, who had been senior investment manager.
Robert Pozen was named non-executive chairman at MFS Investment Management, Boston. He replaced Jeffrey L. Shames, who will retire. Mr. Pozen is a visiting professor at Harvard Law School. He had been vice chairman of Fidelity Investments when he left the firm in January 2002.
Martin Leibowitz will become managing director of U.S. equity strategy at Morgan Stanley & Co., New York, effective March 1. It is a new position. Mr. Leibowitz will retire as vice chairman and chief investment officer of TIAA-CREF, New York, at the end of the month. Stephanie Cohen Glass, TIAA-CREF spokeswoman, said a replacement for Mr. Leibowitz has not been found, but internal and external candidates are being considered. Mr. Leibowitz joined TIAA-CREF in 1995 after 26 years at Salomon Brothers.
Karl Dasher was promoted to chief investment officer at SEI Investments Inc., Oaks, Pa., after a protracted search to fill the position. He will replace Robert Ludwig, who will work on developing portfolio technology for SEI clients. Mr. Dasher had been managing director of European distribution operations, based in Paris. Edward D. Loughlin, president, SEI asset management group, said Mr. Dasher will continue to focus on his Paris duties until SEI figures out how it will replace him. SEI has $90 billion under management through a manager-of-managers approach.
Spencer Stuart, Stamford, Conn., assisted in the search, which began last spring.
Terence J. Toth was named president of Northern Trust Global Investments, effective at the end of February. He will replace Stephen B. Timbers, who will retire. Mr. Toth is executive vice president and global head of Northern Trust Quantitative Management as well as its securities lending, transition management and commission recapture businesses. Information on a replacement for Mr. Toth was not available.
Separately, Steven l. Fradkin, executive vice president and head of Northern's finance group, will take on the title of CFO of the corporation, a position currently held by Perry R. Pero. Mr. Pero will continue as vice chairman and also will be head of corporate risk management, replacing Peter L. Rossiter, who will retire to practice law.
Jeffrey M. Applegate was appointed chief investment officer at Fiduciary Trust Co. International, New York. He succeeds Jeremy Biggs, who will remain with the company as a vice chairman. Mr. Applegate most recently headed Jeffrey Applegate & Co. LLC, an independent research firm that closed.
He was the chief investment strategist at Lehman Brothers, New York, from 1995 to 2002.
Stephen Kaszynski was hired as managing director and head of New York-based Credit Suisse Asset Management's U.S. value team, replacing Stan Nabi, who left to pursue other opportunities. Mr. Kaszynski most recently was a principal at D.A. Capital Management, Atlanta, which he founded in 2001. No one at D.A. Capital returned calls to comment on a replacement.
Jill Paitchel was named to the new position of president of Janus International, the global asset management unit of Janus Capital Group Inc., Denver.
Ms. Paitchel joined Janus from Citigroup Asset Management, New York, where she ran the firm's high-net-worth asset management business for Europe, the Middle East and Africa. Citigroup officials were not available to comment on a replacement.