Rex Holsapple, CIO at the $8.4 billion Maine State Retirement System, Augusta, has left over a disagreement with Executive Director Gail Wright, according to a source familiar with the plan, who didn't want to be identified. Mr. Holsapple was hired by Kay Evans, Ms. Wright's predecessor, in 2002, and the two "worked well together," according to the source. When she retired and Ms. Wright replaced her, Mr. Holsapple and Ms. Wright disagreed on investment strategy, the source said. Mr. Holsapple, reached at home, declined to comment on why he left and said he has no career plans yet. His last day was June 14. Calls to Ms. Wright were not returned by press time.
Rohit Bhagat was named global COO of Barclays Global Investors, confirmed Lance Berg, spokesman. Mr. Bhagat replaced Rich Ricci, who became COO of Barclays Capital, the investment banking unit of Barclays PLC, in January. Mr. Bhagat was senior vice president at Boston Consulting Group, where he ran the firm's West Coast financial services practice. K.C. Munuz, a spokesman for Boston Consulting Group, was unable to provide details on a replacement for Mr. Bhagat.
Hilary Woods and Paul Kandel, senior portfolio managers at Mellon Financial subsidiary Dreyfus Investment Management, will leave the firm at the end of the month, the two said in separate interviews. Ms. Woods and Mr. Kandel manage a combined $4.5 billion in small-cap and midcap equities for institutional and mutual fund clients. Neither portfolio manager offered specific details of their plans; Ms. Woods said the timing of the two departures is "coincidental" and the two will pursue separate opportunities. She has been with Dreyfus for 18 years, and Mr. Kandel has been with the firm for more than 10 years.
The $1.5 billion institutional accounts run by Ms. Woods and Mr. Kandel will be managed by The Boston Co. Asset Management, also Mellon subsidiary, Patrice M. Kozlowski, spokeswoman for Dreyfus Corp., said in an e-mail. The retail and mutual fund assets will be shifted to Mellon affiliate Franklin Portfolio Associates, she said.
Todd A. Abraham and Donald T. Ellenberger were appointed to head the government/mortgage-backed fixed-income team at Federated Investors, according to a news release. Mr. Abraham, vice president and senior portfolio manager, and Mr. Ellenberger, senior vice president and senior portfolio manager, will assume some of the responsibilities that had been handled by Susan M. Nason; she retired as senior vice president and senior portfolio manager earlier this month, said Federated spokeswoman Meghan McAndrew. Mr. Abraham will continue to concentrate on mortgage-backed securities, while Mr. Ellenberger will continue to manage institutional government and multisector fixed-income portfolios and also will now manage Federated's low-duration government mutual fund. He will also be co-head of Federated's yield-curve committee with Robert J. Ostrowski, CIO for taxable fixed income. Liam O'Connell, assistant vice president and portfolio manager/senior investment analyst in the government/mortgage-backed group, was also appointed to manage two mutual funds formerly run by Ms. Nason. Mr. Ostrowski was not available for comment before press time.
Aaron Kilberg was hired as managing director/principal of marketing and client services of Kern Capital Management, according to a news release. It is a new position. He will head marketing and client services for the firm, which has $1.6 billion in assets under management, said David Kern, principal and co-founder. Mr. Kilberg will be primarily responsible for marketing Kern's long-short hedge fund, which focuses on small-cap and micro-cap strategies, as well as the firm's concentrated long-only equity strategy, Mr. Kern said. Mr. Kilberg was managing director and partner of marketing and client services at William D. Witter. Calls to Victor Ugolyn, president and CEO at Witter, were not returned by press time.
Marcia Sorvillo, director of domestic equity research at Evaluation Associates, left the consulting firm, according to managing director Jeff Van Orden. Ms. Sorvillo, who had been with Evaluation Associates for 12 years, accepted a position at Lazard Asset Management, said Mr. Van Orden. Richard Silverman, spokesman for Lazard Asset Management, declined to comment. Evaluation Associates is interviewing external candidates for Ms. Sorvillo's replacement, Mr. Van Orden said, adding that he expects to have someone in place by July 1.
Edouard Senechal was hired by UBS Global Asset Management as senior risk manager for the Americas in the firm's asset allocation and risk management unit. It is a new position. He will be based in the firm's Chicago office, said Peter Casey, spokesman for UBS. Mr. Senechal will report to Brian Singer, CIO of the Americas and head of asset allocation and risk management, and will focus on integrating risk models and systems with the management of UBS' equity, fixed income and balanced strategies. Mr. Senechal was a senior research consultant at MSCI Barra. Burnette Allen, spokeswoman for MSCI Barra, did not return a phone call by press time for comment on a replacement.
Joseph Riccardo and Scott Shevick joined Bear Stearns Asset Management as portfolio managers, according to Michael Guarasci, senior managing director of BSAM. Both are new positions. "Where there is talent in the firm and where we can move it over to BSAM when it makes sense, we try to do that," Mr. Guarasci said. Messrs. Riccardo and Shevick were equity research analysts covering the pharmaceutical industry for BSAM parent Bear Stearns & Co., where they were replaced by John Boris; he was an equity research analyst at Harris Nesbitt. A decision on replacing Mr. Boris has not been made yet, said Harris Nesbitt spokesman Kevin Windorf.
John Vancura joined BISYS Private Equity Services as a vice president of business development, said Sally Ramsdell, senior marketing manager. It's a new position. He is in the Boston office and will lead business development efforts in New England. Mr. Vancura was managing director for the Northeast region of Greenough Consulting Group, a provider of outsourced financial management services.
Matt Waz has been hired as director of consultant relationships at AXA Rosenberg Group, according to spokeswoman Jennifer Morgan. It is a new position. Mr. Waz was vice president, consultant relations at McMorgan & Co. He will not be directly replaced, although the firm will search for an additional member of its consultant relations team, said Patrick Noonan, vice president, consultant relations.
Peter Delano joined TowerGroup as senior analyst, and Matt Nelson joined as analyst, according to spokeswoman Rachael Adler. Mr. Delano will cover technology trends in investment management, and Mr. Nelson will cover portfolio accounting, position management and related applications. Both are new positions. Mr. Delano was assistant vice president of IXIS Asset Management Services, and Mr. Nelson was a senior product manager at Fidelity Investments. Peter Joyce, IXIS vice president, corporate communications, and a Fidelity spokeswoman did not return calls by press time with information on replacements.
James Feidler joined Cliffwater as a director focusing on hedge fund research, said Barbara Smith, managing director. It is a new position. Mr. Feidler will be based in the firm's Santa Monica, Calif., office and will work with Daniel Stern, managing director, who is based in New York. Mr. Feidler was manager-investments at The Walt Disney Co., Burbank, Calif., where he managed public equities for Disney's $3 billion pension plan and oversaw the company's 401(k) plans, which have combined assets of about $2 billion. David Caouette, a Disney spokesman, said Mr. Feidler's responsibilities have been temporarily assigned to other staff and company officials are "in the process of evaluating candidates" for the position. There is no timetable for filling the vacancy, he added.
Michael Avery was named senior vice president and CIO of Waddell & Reed Financial as well as executive vice president and CIO of subsidiaries Waddell & Reed Investment Management and Ivy Investment Management, said Roger Hoadley, communications director. Mr. Avery replaces Henry Herrmann, who became CEO of the firm in May when Keith A. Tucker retired, Mr. Hoadley said. Mr. Herrmann had been president and CIO of Waddell & Reed Financial and the two investment management units; he remains chairman of the firm's investment policy committee. Mr. Avery was director of equity research for Waddell & Reed and the two subsidiaries. Portfolio manager Matthew Norris replaced Mr. Avery as director of research; Mr. Norris will remain portfolio manager of the firm's value funds, and Mr. Avery will remain portfolio manager of the firm's asset strategy funds. Waddell & Reed analysts Ryan Caldwell and Peter V. Morris were promoted to assistant portfolio managers. Mr. Caldwell will assist the asset strategy funds, and Mr. Morris will assist the value funds. Both will retain their analyst responsibilities.
J. Scott Hamilton was hired as a vice president and senior Taft-Hartley sales and service representative for Columbia Management Group, said Tom Gariepy, a Columbia spokesman. It is a new position. Mr. Hamilton will be based in San Francisco and will be responsible for increasing Columbia Management's West Coast Taft-Hartley business. Mr. Hamilton assisted with administration of the $140 million pension fund of the United Association of Plumbers and Pipefitters, Local 38, San Francisco.
Dan DeCanniere resigned as CFO at Hewitt Associates, confirmed Kelly Zitlow, spokeswoman. Mr. DeCanniere will remain in the post until a successor is named. Ms. Zitlow said she is not sure of his plans. Russell Reynolds will conduct a worldwide search for a new CFO. "The hope is that we will have someone hired by the end of the calendar year," Ms. Zitlow said. Mr. DeCanniere could not be reached for comment.
Joshua Pristaw joined GoldenTree InSite Partners as a director, said John Henderson, spokesman. It is a new position. Mr. Pristaw will be responsible for acquisitions, dispositions, financing and asset management for the three-month-old firm. Tom Shapiro, president of GoldenTree InSite, formed the real estate opportunity fund manager as a joint venture with GoldenTree Asset Management. Mr. Pristaw was principal and co-head of acquisitions for Coventry Real Estate Advisors; an official at the firm said he has not been replaced but declined further comment. Peter Henkel, CEO of Coventry, did not return calls by press time seeking comment.
Merced (Calif.) County Retirement Association will commence a new search for a retirement administrator, said LeRoy Gilsdorf, chairman. The board had been negotiating with a finalist but she withdrew her application, Mr. Gilsdorf said. He declined to identify the candidate and could not say why she took herself out of contention. Mr. Gilsdorf said the county's human resources department will conduct the search; he could not provide a timetable. The $413 million pension fund has been searching for a permanent retirement administrator since Richard Stensrud left in September, Mr. Gilsdorf said. Nancy Havens, Merced County assistant executive officer, is the interim administrator. Mr. Stensrud is now CEO of the $4.5 billion Sacramento (Calif.) County Employees' Retirement System.
David Rothenberg joined Russell Investment Group as director, business growth and development, implementation services, said Bob Werner, managing director. Russell officials are also searching for executives to take on similar roles in the firm's London and Sydney offices, Mr. Werner said. Candidates should have derivatives or fund-of-funds asset management experience. Mr. Rothenberg and the new executives will report to Mr. Werner. Russell officials also expect to hire three executives that will report to Mr. Rothenberg. Russell is expanding its plan implementation services business, which will serve plans with more than $1 billion in assets, he said. "Large plans, those with more than $1 billion … want to pick their managers, but when it comes to everything else in running an investment program, their staffs are leaner," and they are looking to outsource, he said. Russell will perform services such as assisting with rebalancing and advising on new investment strategies like futures that could reduce risk, he said. The firm's 100-person implementation team, which currently serves Russell's $135 billion fund-of-funds business, will support the new effort. Mr. Rothenberg was managing director, U.S. head of equity sales, marketing and strategic business development, at Nomura Securities International. Nomura spokesman Ralph Piscitelli could not provide further information by press time.
Griff Williams was named senior investment manager of Railpen Investments, London, which oversees external management of the U.K. rail industry's £15 billion ($27.32 billion) in pension assets. It is a new position. Mr. Williams will oversee selection and monitoring of managers, according to a news release. Mr. Williams was a senior investment consultant with Lane, Clark & Peacock. Mary McGrath, a partner in LCP's business development division, wasn't immediately available to discuss whether Mr. Williams would be replaced.
Michael Gallipo joined Citizens Advisers as a portfolio manager, according to Jan Hunter, a company spokeswoman. In a phone interview, Mr. Gallipo said he will be the lead manager for the firm's midcap growth strategies, working with Jonathan W. White, senior vice president; he also will assist Mr. White and Citizens President Sophia Collier in managing the firm's small-cap growth strategies. It is a new position. Mr. Gallipo was a portfolio manager and co-head of institutional strategy at TD Banknorth Wealth Management Group. Robert Esau, TD Banknorth Wealth CEO, wasn't available to comment on a replacement.
Gary Horby joined Putnam Investments as a senior vice president and a regional director of retirement sales. It is a new position. Mr. Horby oversees sales of retirement products to the corporate market through 100-150 core advisers, he said. He is responsible for retirement plan sales in Georgia, Texas and states throughout the Southwest. Mr. Horby was senior vice president of sales at Principal Financial Group; spokeswoman Terri Shell said Principal is searching for a replacement.
William S. Schoyer was hired as a director of Grail Partners; the advisory merchant bank, which focuses on the investment management business, was launched in February by Donald H. Putnam. The position is new. Mr. Schoyer, who will be in the New York office, will work on strategic advisory and restructuring mandates, participating in the origination and execution of investment opportunities, according to a news release. He was product manager at Polen Capital Management, although he had worked with Mr. Putnam between 1994 and 1999 at Putnam Lovell Securities, the investment bank Mr. Putnam helped found 18 years before, Mr. Schoyer said in a telephone interview. Eric Lynch, Polen's chief client relations officer, couldn't immediately be reached for information on Mr. Schoyer's replacement.
Dan Dodillet joined New York Life Investment Management as vice president of sales for retirement plan services, according to spokeswoman Diane Kagel. She could not identify who Mr. Dodillet replaced. Mr. Dodillet was with Bank of America's institutional investment solutions unit. A Bank of America spokesman, who declined to be identified, said the firm does not comment on personnel.
James M. Hacking resigned as executive director of the $13 billion Illinois State Universities Retirement System, Champaign, effective Aug. 24, to become executive director of the $5.3 billion Arizona Public Safety Retirement System, Phoenix. The Illinois SURS board plans to issue an RFP in about two weeks for an executive recruiting firm to conduct a nationwide search for candidates, said J. Fred Giertz, trustee and chairman of the investment committee.
Trustees hope to fill the position by the time Mr. Hacking leaves, Mr. Giertz said. However, Dan M. Slack, general counsel and deputy executive director and associate executive director, would likely be named interim executive director if the search lasts beyond Mr. Hacking's departure.
Mr. Hacking will join the Arizona system Aug. 29. He will replace James A. Nielsen, the CIO who has served as interim administrator since Jack Cross retired in June 2004. Mr. Nielsen will remain CIO, said Tracey Peterson, assistant administrator. Mr. Nielsen wasn't available for comment.
The system consists of three funds, all internally managed: the $4.3 billion Arizona Public Safety Retirement System, the $719 million Arizona Correction Officers Retirement Plan and the $295 million Arizona Elected Officers Plans.
Eric Misenheimer was hired as senior vice president and leader of the high-yield team at J.&W. Seligman, according to spokeswoman Mary Ann Susco. Mr. Misenheimer will also be lead portfolio manager of the Seligman High-Yield Bond Fund and Seligman Horizon U.S. High-Yield Bond Fund and will manage the high-yield assets of Seligman's institutional clients. He replaces Kendall Peterson, who resigned in April; information about Mr. Peterson's plans was unavailable. Mr. Misenheimer was a senior vice president and director of taxable high yield at Northern Trust Global Investments. Taking over Mr. Misenheimer's responsibilities as co-managers of the taxable high-yield fund are: Matthew Toms, currently director of global credit investments; Ed Casey, high-yield portfolio manager/trader; and Jane McCart, co-director of municipal fixed income, according to spokeswoman Christine Harmon. Messrs. Toms and Casey will retain their current roles. Tim McGregor, currently the co-director of municipal fixed income with Ms. McCart, will become the sole director.