General Motors Asset Management combined its global equity, fixed-income and trading business groups into a new public markets unit, according to an internal GMAM announcement. The new unit will be responsible for all of GMAM's asset management and trading activities involving publicly traded securities. Tony Kao, former managing director and head of fixed income, was promoted to senior managing director and will be head of the new public markets group, said Gina Proia, spokeswoman. He will report directly to Nancy Everett, GMAM CIO. The reorganization comes one month after the departure of David Holstein, former managing director of public equities for GMAM. Mr. Holstein's responsibilities have been incorporated into Mr. Kao's new position, said Ms. Proia.
GMAM manages assets for the $100 billion General Motors Corp. pension fund, Detroit.