Robert Beyer was named CEO of TCW Group. Mr. Beyer said in an interview that he is replacing Robert Day, who will continue as chairman of the board and a director of Societe Generale, the firm's majority owner. Mr. Day will remain as chairman and CEO of Trust Company of the West, the firm's institutional money management division. Mr. Beyer is president of Trust Company of the West and CIO of TCW Group. Jeffrey Gundlach, head of TCW Group's investment-grade fixed income, mortgage- and asset-backed securities areas, will succeed Mr. Beyer as CIO and retain his current responsibilities. Also, William Sonneborn, executive vice president and COO of TCW Group, will succeed Marc Stern as president of TCW Group. Mr. Sonneborn will remain COO; Mr. Stern will become vice chairman of TCW Group and remain on the TCW Group board. In addition, Mr. Stern also is taking on a new role within SocGen to help "evaluate options for their North American strategy," Mr. Beyer said. The management changes take effect Oct. 1, and are part of long-term succession planning, Mr. Beyer said.
UBS Global Asset Management hired a three-person investment team from U.S. Bancorp Asset Management to run its new midcap growth strategy, said Peter Casey, UBS spokesman. David Lettenberger and Nancy Barber were named portfolio managers on the new UBS strategy, and Rudolf Hokanson was named senior analyst. They will be part of UBS' Growth Investors unit based in Minneapolis. Mr. Lettenberger and Ms. Barber managed $1.5 billion in midcap growth strategies for U.S. Bancorp. Mr. Lettenberger was a senior portfolio manager and head of U.S. Bancorp's midcap and large-cap growth teams; Ms. Barber was co-portfolio manager on the midcap growth strategy, and Mr. Hokanson was senior analyst for both strategies. The three will report to Paul Graham, head of the UBS Growth Investors unit, which currently manages $6.4 billion in small-cap growth, small/midcap growth and large-cap growth strategies. Mr. Graham was not available for immediate comment. Tom Gunderson, portfolio manager on U.S. Bancorp's midcap and large-cap growth strategies, and co-portfolio manager Hal Goldstein will now assume full responsibility for both strategies, said Cheryl Stone, U.S. Bancorp spokeswoman. U.S. Bancorp "will bring in new talent" as appropriate, but replacements for the three have not been found.
Dennis Johnson was named senior portfolio manager for corporate governance at the $196.7 billion California Public Employees' Retirement System, Sacramento, effective Thursday, said Clark McKinley, spokesman. He is replacing Ted White, who left in March to become deputy executive director of the Council of Institutional Investors. Mr. Johnson will direct day-to-day activities of CalPERS' corporate governance unit and oversee the fund's focus list of underperforming companies. He will report to Christianna Wood, senior investment officer for global equity. Mr. Johnson was managing director at Citigroup Global Markets. Information on his replacement could not be obtained by press time.
Gregory J. Hahn was named managing director and CIO of fixed income for Oppenheimer Holdings Inc.'s asset management business, the company said in a news release. Mr. Hahn was CIO at 40/86 Advisors; he will rejoin Michael Richman and Leo Dierckman, two former 40/86 colleagues who were named fixed-income portfolio managers at Oppenheimer earlier this summer. Whit Clay, spokesman for 40/86, said other members of the firm's fixed-income team have assumed the responsibilities of Messrs. Hahn, Richman and Dierckman.
Stuart Davies was named managing director and head of investments at Ivy Asset Management UK, and Peter Rose was named director of investments. Both positions are new, said Kevin Heine, a spokesman for Ivy parent Bank of New York. Mr. Davies was a board director, a member of the investment committee and lead portfolio manager for two hedge funds of funds managed by Coronation International. Ramona Glass, a Coronation spokeswoman, said Mr. Davies left last November and a decision about replacing him has not been made. Mr. Rose was head of portfolio strategies and construction at International Asset Management. An IAM spokeswoman declined to comment.