MassMutual Financial Group's board of directors gave former Chairman and CEO Robert J. O'Connell notice of termination, subject to rights under his employment contract, according to Jim Lacey, MassMutual spokesman. Mr. Lacey said the termination "involved Mr. O'Connell's conduct," but he declined to elaborate. Mr. Lacey noted that the firm's issues with Mr. O'Connell do not affect MassMutual's financial strength or operations going forward.
A source close to Mr. O'Connell said Mr. O'Connell "absolutely intends to refute and dispute all of the contentions" in the board's termination letter. The source said he believes the matter of Mr. O'Connell's termination will eventually go to arbitration. He would not disclose the board's contentions included the letter. Mr. O'Connell believes the termination amounts to a "management dispute" rather than a matter of personal conduct, The source said.
"During my tenure of nearly seven years as chairman, president and chief executive officer of MassMutual, the company has made major strides in all phases of its operations," Mr. O'Connell said in a June 2 statement. It would be "inappropriate to comment further on the board's announcement," Mr. O'Connell also noted in the statement.
Stuart Reese took over as CEO of MassMutual after the board terminated Mr. O'Connell and board member James R. Birle took over as non-executive chairman.
Susan Alfano, executive vice president for enterprise systems and services, and Ann Lomeli, senior vice president, co-general counsel and secretary, both left MassMutual earlier in June, confirmed Mr. Lacey, noting that both worked directly with Mr. O'Connell. Mr. Lacey declined to comment further on Ms. Alfano and Ms. Lomeli.
Separately, Roger Crandall was named CIO and executive vice president of MassMutual Financial Group and chairman of subsidiary Babson Capital, effective immediately. He replaces Mr. Reese in both positions. Mr. Crandall was vice chairman, managing director and head of corporate securities for Babson Capital. Cliff Noreen, managing director and head of Babson Capital's investment-grade and high-yield public corporate bond group as well as its institutional fixed-income team, will replace Mr. Crandall, although the firm does not plan to fill Mr. Crandall's vice chairman post, said Faith Yando, Babson Capital spokeswoman. Mr. Noreen will retain his previous titles while management determines whether he will keep them permanently, Ms. Yando said.
Bill Glavin, president of Babson Capital, was named CEO of the firm, according to Ms. Yando. Mr. Reese had also been CEO of Babson Capital.
Paul Zemsky was hired by ING Investment Management as head of derivative strategies, a new position, according to Tracey Gordon, spokeswoman. He will oversee derivative strategies for credit, interest rates and equity products and will support product development and risk management for proprietary and third-party businesses. Mr. Zemsky previously worked at JPMorgan Investment Management. Information on his duties and replacement were not available by press time.
Jeffrey Blanchard was hired by JPMorgan Chase as vice president in charge of development for North American transition management business, according to Kevin Byrne, vice president and head of North American transition management. It is a new position. "Jeff will be making sure all clients JPMorgan touches are well versed in the services JPMorgan can provide in transition management," Mr. Byrne said in an interview. "The business has been growing and we need more people." Mr. Blanchard had been global director of transition management at Northern Trust Corp., a position he left in June 2004. He was replaced by Kevin Hardy.
Murray Jardine joined Sarofim Realty Advisors as senior acquisitions associate, said Linda Burkhead, communications director. It is a new position. Mr. Jardine was vice president at Highgate Holdings, a real estate investment firm. Mahmood Khimji, Highgate executive vice president, did not return calls for comment on a replacement.
Ernest Schmider was named president of PIMCO Funds, which manages 42 domestic bond funds totaling $150 billion in assets. Mr. Schmider, who joined parent Pacific Investment Management Co. as chief administrative and legal officer in 1994, succeeds R. Wesley Burns, who will remain at PIMCO in a senior consulting role. Mr. Burns will also remain a trustee of PIMCO Funds and a director of PIMCO Commercial Mortgage Trust. Mr. Schmider, who will remain PIMCO's head of fund administration, was global head of operations and infrastructure at PIMCO. Those duties were assumed by David Lown, director of technology and operations, said Mark Porterfield, spokesman.
Christophe Bernard, CIO of Deutsche Asset Management Europe (ex-U.K.) and CIO of Deutsche Asset Management Investment GmbH, will leave the firm at the end of July, said Elaine Bartleet, Deutsche Asset Management spokeswoman. Ms. Bartleet said he is leaving voluntarily but she could not say whether Mr. Bernard, based in Frankfurt, joined another company. Georg Schuh, managing director of asset allocation and portfolio management-balanced products, will become CIO of Deutsche Asset Management Investment. Heinz Fesser, head of fixed-income portfolio management at DeAM Europe (ex-U.K.), and Klaus Kaldemorgen, head of equity portfolio management at DeAM Europe (ex-U.K.), will share the role of CIO at Deutsche Asset Management Europe (ex-U.K.). All three will retain their current positions.
Pattie Owens Featherston was named COO of the $90 billion Teacher Retirement System of Texas, Austin. It's a new position, said spokeswoman Juliana Fernandez Helton. Ms. Featherston's duties include executive direction and operational oversight of the benefit services and financial divisions, as well as administration and support functions for communications, governmental relations, human resources, information technology and special projects. Ms. Featherston had been director of governmental relations since she joined the system in January 1997.
Uri Landesman left Federated Investors, said Meghan McAndrew, spokeswoman. He was director of global equity research and senior portfolio manager of the Federated International Equity Fund. Ms. McAndrew declined to provide details about Mr. Landesman's departure. Curtis Gross was named director of global equity research; he was associate director of global equity research, and there are no immediate plans to replace him, Ms. McAndrew said. Richard Winkowski Jr., vice president and senior portfolio manager, will remain portfolio manager of the International Equity Fund, and Regina Chi, vice president and senior portfolio manager for global equity products, will be added as a co-manager.
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.
Lance Larsen was named COO of the hedge fund group of ING Alternative Asset Management, a new position, said Tracey Gordon, spokeswoman. Mr. Larsen was vice president of business management and product development at Merrill Lynch Investment Managers. Megan Frank, MLIM spokeswoman, could not provide information by press time on Mr. Larsen's former position. ING Alternative Asset Management, a unit of ING Investment Management Americas, manages $5 billion in hedge fund and private equity assets.
David Martin was named executive vice president of finance at Janus Capital Group. It is a new position, said spokeswoman Shelley Peterson. Mr. Martin will oversee the firm's finance, corporate accounting, tax, strategic planning and investor relations departments. He will report to Janus Chairman and CEO Steve Scheid. He was senior vice president of finance at Charles Schwab. Schwab spokeswoman Lindsay Tiles was unavailable for comment.
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.
Gregory Guido and David Krantz were named associates at real estate investment firm The Praedium Group, and Asim Hamid and Erik Sorensen were named analysts, said Elizabeth Fogarty, spokeswoman. They are all new positions. Mr. Guido, who will help buy and manage real estate, was an associate in acquisitions at Liquid Realty Partners, a real estate private equity firm that buys secondary interests. Mr. Krantz, who will focus on sales and property management, was an account manager and senior credit analyst in the commercial real estate lending department of Commerce Bank. Mr. Hamid, who will be in acquisitions and asset management, was an underwriter and multifamily analyst at Affirmative Equities. Mr. Sorensen, who will focus on purchases and property management, was an associate, assisting with construction oversight and commercial leasing at College Street Management, a real estate development firm.
Charles D. Saunders joined international equity specialist NorthRoad Capital Management as a principal and portfolio manager for its international equity concentrated global equity portfolios, a new position. Robert Morgenthau, president of the 2-year-old firm, said the position was created because "we feel that for business continuity, having three people on our portfolio management team is better than having two." Mr. Saunders has been given equity ownership in the firm, Mr. Morgenthau said, but he declined to give specifics. "Everyone here is an owner," he said. Mr. Saunders was an investment officer, overseeing the international equity portfolio of the $63 billion State of Wisconsin Investment Board, Madison. Sandy Drew, a spokeswoman for the board, said no decision has been made on a replacement.
Greg Buzzell joined American Express Retirement Services as vice president of sales, said Todd Wold, spokesman. Mr. Buzzell will be responsible for the Northeast. He replaces Jerry Alrutz, whose plans are not known. Mr. Buzzell was a national account manager for sales at EquiServe, responsible for sales of stock transfer services to the large-company marketplace.
Dennis Tracey rejoined Simms Capital Management as sales director, a new position, according to Pamela Segal, director of marketing and client services. Ms. Segal also rejoined the firm, replacing Jim Tierney, who left to join Argus Investors' Counsel as director of marketing and client services. Mr. Tracey was senior vice president of institutional sales at Stonehedge Partners, a hedge fund manager; officials there did not return phone calls asking about a replacement. Ms. Segal was a marketing manager at West LB; she will not be replaced, according to a West LB spokeswoman. Both Mr. Tracey and Ms. Segal left Simms in 2003 when growth, the investment style Simms follows, fell out of favor.
Peter Mallinson was appointed principal in charge of hedge-fund-of-funds firm CDK Group's newly opened marketing office in London. Mr. Mallinson was a partner and head of European equities at Goldman Sachs in London until he retired in late 2003. He hopes to hire two to three additional staff members in research and marketing and intends to launch an Asian long-short equity fund later this year.
William O'Shea joined Quantitative Services Group as quantitative analyst and member of the group responsible for trading cost analysis services. In addition, Yvonne Kehinde was promoted to quantitative analyst, from marketing communications specialist. She will be part of the same group. Mr. O'Shea was a trading research analyst at Instinet; further information was not available.
Howard M. Rossman was named vice chairman of Mesirow Financial, a new position. He remains president of the firm's $8 billion hedge fund-of-funds business, Mesirow Advanced Strategies, said Katie Schimmel, a spokeswoman.
Amy Muska O'Brien was named director of social investing at TIAA-CREF, a new position. She will oversee social screening of the CREF Social Choice Account, act as liaison to participants and stakeholders in connection with the company's social- and community-focused investments and assist the company on socially responsible and community investing issues. Ms. O'Brien was director of corporate social responsibility of the $2.7 billion Pension Board of the United Church of Christ, New York, and assisted in similar shareholder activism for the church's $600 million foundation. The United Church of Christ fund will use an executive recruiting firm to search for a replacement, said Don Barnes, vice president, who will temporarily take over Ms. O'Brien's duties. Officials could chose between two recruiting firms by the end of the month, he added.
Fred Berry was appointed European principal and senior investment consultant at Mercer Investment Consulting in London. It is a new position. He was a senior investment consultant at Watson Wyatt Worldwide, according to Mercer spokeswoman Lydia Donnelly. A spokeswoman at Watson Wyatt said Mr. Berry worked in the firm's Bristol, England, office and left in 2004; he will not be replaced.
Emma Hunt joined Mercer Investment Consulting as a senior consultant assigned to socially responsible investments, a new position. Ms. Hunt was head of the Centre for Sustainable Investment at Forum for the Future, a London-based research organization.
Gay Huey Evans will become president of Tribeca Global Management (Europe) on Sept. 1. The position is new. She will oversee the London-based hedge fund platform for Tribeca, Tanya Styblo Beder, CEO of Tribeca Global Management, said in a statement. Tribeca is the institutional hedge fund management unit Ms. Beder is building for Citigroup Asset Management, which will eventually manage as many as 50 hedge fund strategies, according to a company statement. Ms. Evans is director of markets and capital markets at the U.K. Financial Services Authority. Information could not be obtained about Ms. Evans' replacement at the FSA.
Thomas Taylor joined private equity firm JLL Partners as a senior vice president. It is a new position, said Robin Gilliland, spokesman. Mr. Taylor was a business strategy consultant on a project basis for The Hartford's property and casualty business, said Cynthia Michener, Hartford spokeswoman.
Tim Sutton and was appointed business development manager for the U.K. and Ireland at Citigroup Asset Management, and Sue-Wei Wong was appointed marketing manager for the U.K. and Ireland. Both are new positions. Mr. Sutton was director of institutional business at F&C Asset Management; he left the firm in early May. His role was restructured and absorbed into the department, according to F&C spokeswoman Deborah James. Ms. Wong was marketing manager at Northern Trust Global Investments. She will be replaced, said NTGI spokeswoman Sara Murshead.
Charles Johnson was named CFO of the $11.25 billion Indiana Public Employees' Retirement Fund, Indianapolis. He replaced Michael Horstman, who resigned, said Martha Poitevin Page, Indiana PERF spokeswoman. Mr. Johnson was chief examiner of the State Board of Accounts. Mr. Johnson's hiring comes after a state audit showed the fund traded $269 million in bonds for mutual funds in March 2004 without apparent approval of the fund's board. The audit "questioned these transactions and brought them to the attention of the PERF investment staff," which prepared a summary for the board, the audit stated. The board ratified the investment action Nov. 19, according to the audit by the state board of accounts. The transaction was among 30 findings of inadequate internal controls at Indiana PERF during the fiscal year ended June 30, 2004, according to the audit and Indiana PERF. Twenty-three of the findings were repeated from the 2003 SBOA report. "These findings make it pretty obvious that PERF has not been managing the process of internal control adequately. From my perspective, continuing to operate with these audit findings is not an option," David J. Adams, executive director, said in a statement.
Michael J. Napoli Jr. 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 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.
Charlie Shaffer was named managing director at Merrill Lynch and will run its new transition management group, which combines the transition business of the firm's global markets and investment banking unit with Merrill Lynch Investment Managers. The position is new. "We have integrated our two existing (transition management) teams and we're going to offer a flexible platform that will match the appropriate structure" for every transition, Mr. Shaffer said in an interview. He said the two models include an investment manager fiduciary structure and a broker-dealer model in which the firm does not take on fiduciary responsibilities but executes transition trades. Mr. Shaffer was managing director and global head of transition management at Deutsche Bank Securities; information on his replacement was not available by press time.
Dominic Clermont joined the C$164.7 billion (US$138 billion) Caisse de Depot et placement du Quebec, Montreal, as vice president-quantitative strategies, said Lucie Freniere, spokeswoman. It is a new position. Mr. Clermont will be responsible for developing a diversified portfolio based on quantitative absolute-return strategies with low correlation to the stock and bond markets. He will report to Christian Pestre, executive vice president-absolute return. Mr. Clermont was managing director-quantitative strategies at TD Asset Management. Kelly Hechler, TD Asset Management spokeswoman, was unable to comment on the status of Mr. Clermont's former position by press time.
Peter Jacobs was hired by Northern Trust Global Investments as senior investment product manager for its mutual funds and managed accounts, a new position. Mr. Jacobs will be responsible for coming up with new ideas for products, as well as serving as a bridge between the firm's portfolio managers and its clients, said Christine Harmon, an NTGI spokeswoman. Mr. Jacobs was director of product management at Deutsche Asset Management. Rohini Pragasam, a DeAM spokeswoman, did not return calls asking about Mr. Jacobs' replacement by press time.
Michael Krautzberger was appointed head of European aggregate fixed income at Merrill Lynch Investment Managers. It is a new position. He was head of European bonds at Union Investment in Frankfurt. He left the firm this month and was temporarily replaced by Joerg Warncke, according to a spokesman for Union Investment.
Andrew Garffer joined LCG Associates as a consultant, said Lauren Cangelosi, marketing director. It is a new position. The team, which now comprises 12 consultants, was expanded because of the firm's growing client base, Ms. Cangelosi said. Mr. Garffer will report to Edward Johnson, president and CEO. Mr. Garffer was an investment analyst with Callan Associates. Deanne Christopulos, Callan spokeswoman, did not return a call seeking comment by press time.
Horace P. Whitworth and Lawrence E. Gibson were promoted to managing directors and co-CEOs of Thompson, Siegel & Walmsley, effective July 1, said Matt Thompson, current CEO of the value equity subsidiary of Old Mutual Asset Management (US). Mr. Thompson will become chairman, a new position. Mr. Whitworth will retain his previous responsibilities as portfolio manager and senior research analyst, and Mr. Gibson will retain his responsibilities as head of institutional marketing.
Bart Grenier was named head of speciality fixed income at Deutsche Asset Management in New York. The global role is new. He reports to Kevin Parker, global head of Deutsche Asset Management, said Jezz Farr, Deutsche spokesman. Mr. Parker was responsible for the group's fixed income and equity operations until delegating the fixed-income business to Mr. Grenier. Mr. Parker will continue to be responsible for equities for the time being, added Mr. Farr. Mr. Grenier was senior vice president overseeing fixed income and equity investment teams at Fidelity Management & Research until earlier this month, said Fidelity spokeswoman Anne Crowley. His role changed when the firm announced a management restructuring, and Walter Donovan assumed Mr. Grenier's responsibilities. Mr. Grenier has since "been working within the overall corporation," said Ms. Crowley.
Helena Lankton joined Ferguson Wellman Capital Management as a senior vice president and portfolio manager, said Molly Clarke, spokeswoman. It is a new position. Ms. Lankton was managing partner for the Portland, Ore., office of money manager Badgley, Phelps and Bell. Steven Phelps, president and CEO of Badgley, Phelps and Bell, declined to comment on a replacement. Ferguson Wellman manages $2 billion in assets.