New York Life Investment Management's Equity Investors Group is seeking to lift out an international equity team to round out its offering of products. Tony Elavia, CIO of quantitative management, said he would like to hire a team before the end of the year. The Equity Investors Group manages about $11 billion in small-cap and midcap value, large-cap core, asset allocation funds, balanced funds and enhanced index accounts.
Peter Stein was named vice president and CIO at the University of Chicago, overseeing its $3.8 billion endowment and other financial assets. He will join the university July 11. He replaces Philip Halpern, who left last June after six years in the position because of a difference in philosophies with the investment committee. Mr. Stein is managing director of the Princeton University Investment Co., which oversees the university's $11 billion endowment, Princeton, N.J. He is responsible for Princeton's investment in hedge funds, domestic equities and fixed income, which total more than $5 billion. "We're hoping he will be able to introduce the University of Chicago to certain managers he had relationships with back East," said Donald J. Reaves, university vice president for administration and CFO, referring specifically to private equity and hedge fund managers. "He has a lot of relationships in place with managers we have not been able to participate in, and we hope to be able to expand our relationships with them." Asked why the U of C endowment hasn't been able to establish those relationships, he said, "These are the sorts of managers that chase the bigger funds, Harvard, Princeton, and Yale. They may have an East Coast bias. It's just a question of access." The U of C endowment has about 20% of assets invested in private equity and 15% in hedge funds. Mr. Stein could not be reached for comment. Andrew Golden, PUIC president, said Mr. Stein will not be replaced; his duties will be reassigned among staff. Spencer Stuart assisted in the search.
Albert W. Hsu and Timothy J. Crowe teamed up to form their own firm, Anchor Point Capital, Mr. Hsu said. The new alternative investment firm on Jan. 1 will launch a series of four single-strategy hedge funds - long/short equity, global macro, credit and event-driven - and a multistrategy hedge fund of funds that blends the single strategy funds. The firm's headquarters will be in Miami; Mr. Hsu will work from its New York office. Mr. Hsu recently left as U.S. investment officer of the $3 billion Atlantic Philanthropies, New York. London-based Philip Coates, deputy CIO, assumed responsibility for U.S.-based investments and manager relationships for the foundation. Mr. Crowe retired as vice president and CIO of the $1.9 billion John S. and James L. Knight Foundation, Miami, earlier in the spring. Cambridge Associates, the foundation's consultant, assumed management of assets, and Mr. Crowe was not replaced.
Michael J. Napoli Jr. today was named a senior managing director at Union Bancaire Privee Asset Management, a new position. He will serve on the firm's management committee. Mr. Napoli will assist new and existing UBPAM clients with construction of customized hedge funds-of-funds portfolios and with selection of the firm's commingled hedge funds of funds, said Matthew Staudtmauer, senior managing director and director of institutional sales and marketing. UBPAM manages $6 billion in hedge funds of funds. Mr. Napoli was senior managing director at Wilshire Associates, responsible for the firm's hedge fund practice. He left in January and his duties were assumed by Lawrence Davanzo, said Wilshire spokeswoman Kim Shepherd.
Frank Richter today was appointed director of institutional business at AXA Investment Managers in Frankfurt. He replaces Sabine Vlieghe, who was appointed global head of marketing at AXA Real Estate Investment Managers in February. Mr. Richter was sales manager at Merrill Lynch Investment Managers in Frankfurt, and the firm plans to recruit to replace him, said MLIM spokeswoman Emma Phillips.
Loek Sibbing managing director of the €3.1 billion ($3.8 billion) Unilever NV pension fund, Rotterdam, Netherlands, was appointed chairman of the Dutch Association of Company Pension Funds, The Hague, a lobbying group for corporate pension plans representing about €130 billion in assets. The appointment takes effect Nov. 10, when incumbent Han Thoman, outgoing managing director of Blue Sky Group, Amstelveen, Netherlands - which manages €9 billion, mostly for the KLM Royal Dutch Airlines staff pension plan - retires from the board.