Garrett Walls was named chief executive officer, institutional Americas, at JPMorgan Asset Management. Mr. Walls succeeds Eve Guernsey, who was promoted to chief executive of the Americas in July. Mr. Walls was head of institutional sales and service and oversaw marketing in the Western region. That region has been consolidated with the Midwest under the supervision of Michael Davis. Officials at JPMorgan plan to hire a salesman to replace Mr. Walls in San Francisco.
Corey Griffin, CEO of The Boston Co. Asset Management, added the title of chairman while relinquishing the title of president. Ronald P. O'Hanley was chairman; he will retain his position as vice chairman of parent company Mellon Financial. Patrick Sheppard, COO of Mellon Institutional Asset Management, will replace Mr. Griffin as president; he also was named COO. The COO position, previously held by Mr. Griffin as well, had been open for a while, said spokesman Joseph F. Ailinger. No information was available on who will replace Mr. Sheppard at Mellon Institutional.
Virginia Retirement System, Richmond, hired executive search firm PrinceGoldsmith to find a replacement for CIO Nancy Everett, who will join General Motors Asset Management as CIO on June 1. No deadline has been set for hiring a replacement, said Jeanne Chenault, spokeswoman. Charles Grant is acting CIO of the $40 billion fund.
Brad Leak was named senior manager-investment strategy and asset allocation at Boeing Co., Chicago, which has $41 billion in defined benefit assets and $24 billion in 401(k) assets, said Anne Eisele, director-finance communications. He replaced Paul Cavazos, who was hired as director-pension and investments at Navistar International Corp., Warrenville, Ill., to oversee its $3 billion defined benefit, $519 million 401(k) and $672 million VEBA funds. Mr. Leak was senior manager-equities and fixed income at Boeing. Information wasn't available from Ms. Eisele on how Mr. Leak ‘s former position will be filled.
Sandra L. Manzke, founder and co-CEO, has left Tremont Capital Management. Annette Bronkesh, a company spokeswoman, confirmed that Ms. Manzke departed several weeks ago but "declined to comment further as a matter of company policy." Robert Schulman is now the hedge fund-of-funds manager's sole CEO and Ms. Manzke's duties were reassigned, Ms. Bronkesh said. Ms. Manzke did not return repeated calls to confirm her plans, which sources said may include establishing a new hedge fund of funds.
Joe Keefe will join Pax World Management as CEO, a new position. Mr. Keefe was senior adviser for strategic social policy at Calvert Group, which plans to search for a replacement, said Elizabeth Laurienzo, Calvert director-corporate communications. In the interim, Julie Gorte, director of social research, and Reggie Stanley, chief marketing officer, will oversee initiatives in Calvert's social policy area.
Christopher Keating joined American Express Financial as head of institutional and hedge fund sales, client service and consultant relations, said spokesman Paul W. Johnson. In a news release, Amex said Mr. Keating will be "responsible for growing the firm's institutional separate account and alternatives business." Mr. Keating was executive vice president for sales, client service and consultant relations at Fidelity Management Trust. Fidelity spokesman Scott Beyerl said his company has no information about a replacement at this time.
Three of Putnam Investments' portfolio management veterans are leaving the firm.
Rosemary Thomsen, a senior portfolio manager who had been with Putnam's high-yield bond operation since 1986, left the company, said Sinead Martin, spokeswoman. In a news release, Putnam said Ms. Thomsen would take the summer off "and then make future plans." Robert L. Salvin, a member of Putnam's core high-yield fixed income team, will join the portfolio management teams on the Putnam High Yield Trust, Putnam High Yield Advantage and Putnam Managed High Yield Fund as well, said Ms. Martin.
Stephen Oler, a portfolio manager on the Putnam International Equity Fund, and George Stairs, a portfolio manager of the Putnam International Equity Fund and the Putnam International Growth & Income Fund, will leave the firm in June. Their responsibilities will be assumed by other team members, according to the release. Mr. Stairs has been with Putnam since 1994; Mr. Oler has been with the company since 1997.
Kevin Cronin, Putnam's head of investments, said in a telephone interview the departures follow the reorganization of Putnam's international equity group a few months ago into more regionally based teams. Mark Pollack now runs Putnam's European operations from London, Simon Davis in Boston looks after Asia and Joshua Byrne in Boston is "responsible for pulling from both of those teams," Mr. Cronin said.
The two outgoing portfolio managers "didn't really fit into either Asia or Europe, given their backgrounds," said Mr. Cronin.
Asked if further changes were looming, Mr. Cronin said he has no plans at present to make further changes, and "I would hope that everything is relatively close to being complete."
Mr. Cronin said Putnam's international products should be in a position to deliver "reasonable returns to investors" going forward.
Tim Chervenak will be president and COO of ICM Asset Management, effective June 1, said Seraphima Steffy, spokeswoman. The firm's board of directors also recently elected current president and CIO Jim Simmons to the new post of CEO, effective June 1. Mr. Simmons will retain his position as CIO, and Mr. Chervenak will replace him as president. Mr. Chervenak will also replace former COO Jay Babineau, who left the firm earlier this year to return to the branding and creative services industry in a non-financial role, Ms. Steffy said. Mr. Chervenak was West Coast regional director and Seattle branch manager of Piper Jaffray, where he reported to John Breon, director of branches. Neither Mr. Breon nor Piper Jaffray spokeswoman Susan Beatty returned calls by press time seeking comment.
Glenn A. Dever, a principal at Turner Investment Partners, was named chief marketing officer, a new position. Mr. Dever was director of institutional distribution for the firm and will continue to oversee institutional distribution, according to an unidentified official.
John Yeager was named director of marketing for the North American distribution team at INVESCO. He replaces Ron Klotter, who joined RQSI, a hedge fund, according to INVESCO spokesman Bill Hensel. Further information about Mr. Klotter's new position was not available. Mr. Yeager is retaining his responsibilities as director, affiliate sales/marketing, administration at INVESCO.