AUSTIN, Texas — The $80 billion Teacher Retirement System of Texas is searching for a deputy director, according to Howard Goldman, spokesman.
The previous deputy director, Ronnie Jung, replaced Charles Dunlap as executive director; Mr. Dunlap retired in September 2003.
Information on the position is available on the system's website, www.trs.state.tx.us, or by contacting Annette Dominguez, the system's human resources director, at 512-542-6511. SpencerStuart is assisting.
Patricia Gerrick was named chief investment officer of the $60 billion North Carolina Retirement Systems, Raleigh, and deputy state treasurer. She replaces Andrew Silton, who left earlier this year. Ms. Gerrick was CIO of the $11 billion Indiana Public Employees' Retirement Fund, Indianapolis; she resigned late last year. A search is under way to replace her.
Ray Edelman was named a senior large-cap growth equity portfolio manager at RCM Capital Management, a new position. He held the same position at AllianceBernstein. Mr. Edelman's hiring "completes the process that we initiated last year of turning around our large-cap growth team," said T.J. Deutz, RCM co-director of institutional marketing. Scott Migliori, a large-cap growth portfolio manager at Provident Investment Counsel, was named large-cap growth portfolio manager in October, and Peter Anderson, the retired CIO of American Express Asset Management, became RCM's U.S. CIO earlier this month.
John Meyers, AllianceBernstein spokesman, did not return calls by press time seeking information on Mr. Edelman's former post.
Mary Joan Hoene was named chief compliance officer for four Bank of America fund families: Columbia, Nations, Galaxy and Liberty All-Star. The position is new. Ms. Hoene was a partner in the law firm of Carter, Ledyard & Milburn. The four fund families had a combined $221 billion in assets under management as of June 30.
Field Griffith joined the $38.5 billion Virginia Retirement System, Richmond, as director of real estate investments. Mr. Griffith is assisting Charles W. Grant, managing director, who runs the pension fund's real estate investments, said Nancy Everett, chief investment officer. Tom Hassard, the previous director of real estate investments, retired about a year ago. The system has about 3.5% of assets in real estate. Mr. Griffith was executive vice president in the Portland, Maine, office of BGK Properties. Tom Wilson, executive vice president with BGK Properties, assumed a portion of Mr. Griffith's responsibilities, said Eugene Wolkoff, general counsel.
Bruce O. Kallos, executive director of the $1.1 billion Arlington County (Va.) Employees' Retirement System, resigned in August. He was placed on administrative leave in July after an audit uncovered questionable travel and entertainment expenses. In a brief statement, Steven Ivins, president of the system, said, "We have reached a satisfactory settlement on outstanding issues." Mr. Ivins could not be reached to discuss the system's plans for replacing Mr. Kallos, but Steve Watts, assistant director/pension officer, is handling investment matters. Mr. Kallos didn't return two phone calls seeking comment.
Christopher L. Bittman was named the first chief investment officer of the $600 million endowment fund of the University of Colorado Foundation, Boulder. Michael M. Byram, president and chief executive officer of the foundation, said in a statement that a CIO is needed to enhance returns and reduce investment management costs as the university embarks on an aggressive campaign to raise the endowment's assets to $1 billion. Mr. Bittman, who has served as a volunteer director and trustee of the foundation, was the president and chief executive officer of Jurika & Voyles LP, Oakland, Calif., until that firm was merged into Loomis Sayles & Co. LP, Boston, last year.
Graham Kitchen was named head of U.K. equities at Threadneedle Investments, effective in October, said Richard Eats, communications director. It is a new position. Mr. Kitchen will lead Threadneedle's 20-person U.K. equity team, which is responsible for £18 billion ($32.1 billion) in assets. He will report to Michael Taylor, head of equities. Mr. Kitchen was co-head of U.K. equity investments at Invesco Perpetual with Neil Woodford, said Jane Drew, Invesco Perpetual spokeswoman. Ms. Drew said there are no plans to replace him. The funds Mr. Kitchen previously managed were taken over by Andy Jones, deputy fund manager, who now runs the £715 million Invesco Perpetual Income & Growth portfolio and £184 million U.K. Equity fund, and Andy Crossley, Invesco Perpetual small-cap fund manager, who now runs the £16 million Key Trends portfolio. Threadneedle Investments manages about £57 billion in assets.
Edward T. Shadek Jr. was named chief investment officer for small-cap equities at Putnam Investments. He was CIO and portfolio leader of the Putnam Small Cap Value Fund; he will now oversee all of Putnam's small-cap portfolio teams and look after most of the firm's specialty growth area, including the Putnam Small Cap Growth Fund, Putnam OTC & Emerging Growth Fund and Putnam Discovery Growth Fund. Rick Weed, a member of the small-cap growth equity team, will become portfolio leader for both funds. Daniel Miller and Roland Gillis, managing directors who led some of the firm's growth equity funds, including the OTC & Emerging Growth Fund and the Discovery Growth Fund, will be leaving the company. Kevin Divney and Paul Marrkand, CIOs of Putnam's midcap growth team, will also become portfolio leaders of the Putnam New Opportunities Fund, which Mr. Miller had managed. The changes are part of a "realignment" aimed at improving performance in small-cap growth, according to a company press release.
John Huber was named chief investment officer of fixed income at Voyageur Asset Management, a new position. He was a senior portfolio manager at Galliard Capital Management; Michael Norman, a principal at Galliard, said the firm is in the process of filling his position. He declined to provide further information.
Peng Chen was named chief investment officer at Ibbotson Associates, a new position. He will oversee the firm's asset allocation and investment decision-making processes and will continue to supervise the research group. Mr. Chen was Ibbotson's head of research; Alexa Auerbach, spokeswoman, said a decision about filling Mr. Chen's previous position has not been made.
Ryan E. Crane was named senior portfolio manager at Stephens Inc. Mr. Crane will head Stephens' U.S. small-cap growth equity team, including analysts John M. Thornton, Kelly Ranucci and Sam Chase. Mr. Crane and the three analysts came from AIM Capital Management; Mr. Crane was a vice president and senior portfolio manager; Mr. Thornton was a senior analyst; and Ms. Ranucci and Mr. Chase were equity analysts. Mr. Crane's duties as manager of the AIM Small Cap Growth Fund will be assumed by portfolio managers Juliet S. Ellis and Juan R. Hartsfield, assisted by AIM's small cap core/growth team, said David Bachert, AIM spokesman.
Donald R. Hill Jr. was named managing director of Babson Capital Management's institutional sales group, a new position. He will focus on the corporate and public pension markets. Mr. Hill was a senior relationship manager with Putnam Investments. Laura MacNamara, Putnam spokeswoman, said his responsibilities will be handled by existing staff.
Gerard Lillis was named director of client service at Russell Investment Group, a new position. Mr. Lillis was managing director and head of the Tokyo office of JPMorgan Fleming Asset Management, and before that he was managing director and co-director of fixed income; his position was eliminated in a company reorganization. Paul Reynolds, managing director and head of Russell's institutional group, previously handled client services; he will now focus solely on directing the institutional group.
Richard Johnston was named a managing director at hedge fund consultant Albourne Partners. He will establish the company's first office in Hong Kong and will head the firm's activities in the region. Mr. Johnston was head of prime brokerage in Asia for UBS. Christine Walton, UBS spokeswoman, did not respond to a request for information about Mr. Johnston's replacement.
Edward A. Woods was named a portfolio manager at Bahl & Gaynor Investment Counsel, according to a news release from the firm. Mr. Woods was a vice president and senior investment counselor at Northern Trust. Information on his replacement at Northern Trust could not be learned by press time.
Frank Del Vecchio was named head of currency research in JPMorgan Fleming Asset Management's London office, said Emma Collins, spokeswoman. Mr. Del Vecchio was director of Citigroup Global Markets' foreign exchange risk advisory group. Joe Christinat, Citigroup Global Markets spokesman, would not comment on Mr. Del Vecchio's replacement, saying the firm generally does not comment about employee matters. Ms. Collins did not say whom Mr. Del Vecchio was replacing at JPMorgan Fleming.
Gwen D. Burroughs was named chief marketing officer at Pentegra Retirement Services, a new position. Ms. Burroughs was a director at Scudder Retirement Services. Information about her replacement could not be learned by press time.
Christopher C. Desmarais was named director of institutional marketing at GAMCO, Gabelli Asset Management's institutional unit. The position is new. He will continue to oversee GAMCO's socially responsible investments unit, which manages more than $500 million, but will now market the firm's separate account products to consultants, plan sponsors, foundations and endowments. Mr. Desmarais said the firm hopes to add one or two additional sales and marketing executives by the end of the year.
Ted Kokas was named senior vice president and senior analyst at hedge fund-of-funds manager McCormack Advisors; he is responsible for manager due diligence and quantitative analysis. The position is new. Mr. Kokas was a portfolio manager in the futures arbitrage group of hedge fund firm Millennium Partners. Information about Mr. Kokas' replacement could not be learned by press time.
Edward Yardeni was named chief investment strategist at Oak Associates, a new position, said Tucker Hewes, spokesman. Mr. Yardeni was chief investment strategist and a managing director of Prudential Equity Group. Ed Keon, Prudential's chief quantitative strategist and chief U.S. equity strategist, will assume Mr. Yardeni's responsibilities, said Jim Gorman, Prudential spokesman. Oak Associates had more than $8 billion in assets under management as of June 30.
Tuckerbrook Alternative Investments hired Arnie Schneider III, founder of Schneider Capital Management, and Donald Besser, founder of Manchester Growth Capital, as subadvisers of Tuckerbrook's first hedge fund. Jay Yoder, CIO of Tuckerbrook, said he will be responsible for the asset allocation of the Tuckerbrook Long/Short Value Fund. Sources with knowledge of the new alternatives asset manager said the new hedge fund will launch on Oct. 1, probably with "significant" assets committed by institutions.
Tuckerbrook will launch two additional funds within the next few months, Mr. Yoder said. The firm is looking for an experienced real estate portfolio manager to start and manage the planned Tuckerbrook Private Real Estate Fund. That individual, together with Mr. Yoder, will collaborate in internally managing the Tuckerbrook Real Asset Fund later in the year, which will invest in sectors such as energy, timber and gold.
Brenda Walker was named vice president, marketing and client service, at Smith Breeden Associates, a new position. Ms. Walker was senior institutional marketer at JPMorgan Fleming Asset Management. She joins Jay Gladieux, Smith Breeden executive vice president and director of product management, who came from JPMorgan Fleming in late 2002. Ms. Walker will not be replaced.
Brian J. Hamel was named director of marketing at 40/86 Advisors, replacing Michael Hoover, interim director, who became director of Taft-Hartley marketing at Lord Abbett in May. Mr. Hamel was a managing director at ING Clarion Capital, with responsibility for that firm's marketing plans for consultants and plan sponsors. Information about his replacement at ING Clarion wasn't immediately available.
Dennis Mooradian was named chairman and chief executive officer of Munder Capital Management, Birmingham, Mich. He replaces James C. Robinson, who resigned to start a fixed-income hedge fund, according to a statement from Munder Capital. Mr. Robinson did not return a call made to confirm his intention. Mr. Mooradian will retain his position as executive vice president of the wealth and institutional management division of Detroit-based Comerica Inc., Munder's parent.
Separately, Enrique Chang, Munder Capital's president and chief investment officer, was given the additional title of chief operating officer.
Mark Pollard was named managing director and chief investment officer of European equities, a new position, at Putnam Investments. He will be Putnam's first portfolio manager for European equities to be based in London. Mr. Pollard was a founding partner at Jura Capital, London. He worked for Putnam between 1990 and 2000. Information on whether he would be replaced at Jura could not be learned by press time.
Gregg Diliberto was named global head of fixed income at HSBC Asset Management. He will be based in New York. He replaces Peter Smith, who left to take a "career break," said Sabina Paton, HSBC spokeswoman. Mr. Diliberto was head of fixed income for Citigroup Asset Management. He left that firm a year ago and was not replaced, said Mary Athridge, Citigroup spokeswoman. Mr. Diliberto couldn't be reached for comment or details.
Richard J. Zaccaro joined Evaluation Associates LLC, Norwalk, Conn., as a senior consultant, part of a staff expansion, said Jeff Van Orden, managing director. Mr. Zaccaro will be responsible for client service and business development and will be the lead consultant for several of the firm's large clients. He was a senior vice president at Wainwright Investment Counsel LLC, Boston. Information wasn't available on whether he will be replaced.
Kenneth Winston was appointed managing director and chief risk officer, a new position, at Morgan Stanley Investment Management, New York. Mr. Winston was senior investment officer and director of product design and risk management at Oppenheimer Funds, New York. The firm is doing a search for Mr. Winston's replacement, said Oppenheimer spokeswoman Jeaneen Pisarro. Gang Li, vice president and manager of investment analytics, Navin Sharma, vice president fixed-income analysis, and Rudi Schadt, vice president and director equity analysis, will assume Mr. Winston's responsibilities on an interim basis, said Ms. Pisarro.
Alex Matturri was named director of the global equity index business at Northern Trust Global Investments. He will be based in New York. Also, Steve Wetter and Rodney Fernandez were named co-leaders of the non-U.S. equity index team, and Tracy Rowoholt was named portfolio manager for the domestic equity index team. All three were members of the firm's quant team; none was replaced. The moves followed the resignations in late July of James Creighton, head of the global equity index team, Patrick Cannon, team leader for U.S. equities, and Peter Kuntz, team leader for non-U.S. equities. None of the three could be reached by press time for further information.
David Pitt-Watson was named director of investments at Hermes Pensions Management, effective Nov. 11. He will oversee the firm's Focus Funds, corporate governance and the recently launched Equity Ownership Services, according to a news release from the company. Mr. Pitt-Watson replaces Peter Butler, former head of corporate governance, and Steve Brown, former managing director of investments; both resigned earlier this week. Mr. Pitt-Watson was managing director of the firm's large-capitalization UK Focus Fund; he will be replaced by John Leach, who was executive director, responsible for turnaround strategies in corporate governance. Other members of Mr. Leach's team will assume his duties.
Ryan K. Brist was named executive vice president and managing director-fixed income at Delaware Investments, Philadelphia, responsible for total-return products, said Tom Gariepy, spokesman. Mr. Brist replaces Patrick Coyne, who became managing director and head of equity investments in March. Mr. Brist remains lead portfolio manager on the Delaware Corporate Bond Fund and the Extended Duration Bond Fund. He will be co-head of fixed income along with See Yeng Quek.
Separately, D. Tysen Nutt Jr., Robert A. Vogel, Jr., Anthony A. Lombardi and Jordan L. Irving will assume control of the Delaware Diversified Value Fund. The name of the $62 million fund will be changed to the Delaware Value Fund. The four portfolio managers joined the firm last March; they were large-cap value portfolio managers at Merrill Lynch Investment Managers, New York. Christopher S. Adams and Rob Ginsburg, who had managed the fund, will continue to manage "several other Delaware funds," company officials said in a statement.
David Miles was named chief U.K. economist in Morgan Stanley's London office, effective in October, said Anna Lenaghan, spokeswoman. Mr. Miles is a member of the U.K. Financial Services Authority board and is professor of financial economics at the Tanaka Business School, Imperial College London; he will become a visiting professor at the school after he starts at Morgan Stanley. He also was chief U.K. economist at Merrill Lynch from 1994-1996. Morgan Stanley has not had an economist that specifically analyzed the United Kingdom for more than a year, Ms. Lenaghan said. She could not elaborate.