Mark A. Marinella was named a managing director and head of the cash management business at BlackRock, a new position, said company spokesman Brian Beades. He will lead BlackRock's cash management operations, which had $78 billion in assets under management at the end of 2004. Mr. Marinella will also join former State Street Research & Management CEO Richard Davis on BlackRock's 22-member management committee. Mr. Marinella was CIO of fixed income at SSRM, which BlackRock acquired on Jan 31. Mr. Marinella said reports that he would be leaving after the acquisition were premature, and senior BlackRock executives worked hard to craft the kind of leadership position he had been seeking.
Scott Erickson and John Stonestreet joined real estate investment and management firm Rockpoint Group as directors of asset management. Rockpoint also hired Tatsushi Iwano as a senior manager in the Tokyo office; Paisley Boney and Peter Fleiss as associates in the Boston office; and Timothy Inbody as an associate in San Francisco. The associates will focus on acquisitions and asset management. Rockpoint has $1 billion under management.
Robert A. Simms, the founder of Simms Capital Management, sold his majority stake in the firm to colleagues Thomas L Melly, Jennifer D. Miller and Arthur O. Poltrack, making them the "primary owners," said Pamela Segal, director of marketing and client services. Mr. Simms will still be involved in investment management and client relationships for the firm, which manages over $540 million, according to a press release. Mr. Melly was named CIO of the firm's U.S. large-cap growth strategy, and Ms. Miller was named CIO of its international strategy.