Nancy Everett will take over as president and chief executive officer of General Motors Asset Management at year's end, replacing W. Allen Reed, who will become chairman of the company, said GMAM spokeswoman Gina Proia. Ms. Everett will retain her current position as chief investment officer. She will report to John Devine, vice chairman and chief financial officer of General Motors Corp.
Ms. Everett joined GMAM less than a year ago; before that, she had been CIO at the $40 billion Virginia Retirement System, Richmond.
The Nov. 3 announcement came two days after GMAM officially combined its global equity, fixed-income and trading businesses into a new public markets unit. The new unit, headed by senior managing director Tony Kao, was prompted by the departure of former managing director and head of public equities David Holstein, who left the firm last month.
GMAM manages more than $160 billion in assets for the Detroit-based General Motors Corp. pension plans and several external clients, including Xerox Corp., Stamford, Conn., and Delphi Corp., Troy, Mich.
Delaware Investments will switch the investment team of its large-cap value equity total shareholder return strategy over the next few months, said spokeswoman Laurel O'Brien. The $3.4 billion in institutional client money currently run by the firm's veteran eight-member portfolio management team will be moved to a team led by D. Tysen Nutt Jr. that Delaware lifted out from Merrill Lynch Investment Managers in 2004.
It is unclear if new roles will be found for the current team, led by CIO Timothy G. Connors. According to Delaware's website, team members include senior portfolio managers John B. Fields, George E. Demin and Brian T. Hannon. Ms. O'Brien declined to identify the other four members of the team. Mr. Connors' team, which managed the bulk of the firm's assets 10 years ago, enjoyed strong relationships with several long-term clients, according to one ex-Delaware veteran, who declined to be named. Mr. Connors didn't immediately return a call seeking comment.
Elizabeth Allison joined Boeing Co., Chicago, as its $44.1 billion pension fund's director-alternative investments, said Todd Blecher, Boeing spokesman. She will oversee $4 billion in alternative investments and will report to Mark A. Schmid, Boeing CIO. Ms. Allison replaces Andrew Ward, who was promoted to director-investments and chair of the pension fund investment strategy and asset allocation committee. Mr. Ward replaced Keith Cardoza, who joined Ocean Tomo Sept. 19 as managing director. Ms. Allison was with GE Corporate Financial Services, which is part of the GE Capital Group of General Electric Co. Boeing officials declined to disclose her previous title, and GE officials couldn't be reached for comment. DHR, an executive recruiting firm, assisted in the search.
Michael Simmons was named director of investments at the $8.4 billion Maine State Retirement System, Augusta, according to Gail Wright, executive director. It is a new position. Mr. Simmons was an investment analyst for the system. He effectively replaces Rex Holsapple, who resigned as the system's CIO in June. Ms. Wright said she took the opportunity to review the system's personnel structure after Mr. Holsapple's resignation. "We have decided to go forward with our investment program with a director of investments," she said in an interview.
Michael Goy and David Maddison of Railways Pensions Management, Darlington, England, were promoted to new positions as part of an overall restructuring of the pension plan's management structure, said spokeswoman Jessica Gooch. Mr. Goy, former managing director of pensions management, was named deputy chief executive in charge of Railpen Investments, which runs Railpen's £14.5 billion ($25.6 billion) in pension assets, and Pensions Management, which handles the administration of the plans. "The aim is to unite the administration side with the investment side to work together more uniformly," Ms. Gooch said. Mr. Maddison will become client services director of both operating subsidiaries, a role that "pulls together not only the administration aspect, but also service issues," Ms. Gooch said. Neither Mr. Goy's nor Mr. Maddison's former positions will be replaced.
David Murray, former Commonwealth Bank of Australia CEO, was named chairman of the Future Fund, an Australian government fund being established to help cover up to A$140 billion (US$102 billion) in unfunded public superannuation plan liabilities expected by 2020, according to a joint statement by Peter Costello, Australian treasurer, and Nick Minchin, minister for finance and administration. Mr. Murray will formally begin as chairman after legislation is approved to form the Future Fund. The legislation is expected to be introduced later this year, the statement said. Until then, Mr. Murray will work as a consultant to the Australian Department of Finance and Administration on establishment of the Future Fund.
John Hutton was named Britain's work and pensions secretary on Nov. 2, replacing David Blunkett, who resigned. Mr. Hutton was the cabinet office minister, largely responsible for working with the prime minister's office to coordinate policies and operations across governmental departments. Mr. Blunkett resigned amid controversy over his failure to tell an advisory committee about some private-sector appointments he had while briefly out of government earlier this year. Mr. Blunkett said he had believed that clearing those business appointments was "voluntary and not mandatory. … I am guilty of a mistake," Mr. Blunkett said. "I am paying the price for it and I make no bones about saying that that is my fault."
San Francisco City & County Employees Retirement System is searching for a security analyst focused on quantitative models and risk management. The position has been vacant for several years, said David Kushner, deputy director for investments at the $13.4 billion fund. The analyst will report directly to Mr. Kushner. More information is available at http://www.sfgov.org/site/jobs_page.asp?id=35575.
Harry W. Lange was named portfolio manager of the $52.5 billion Fidelity Magellan Fund, replacing Robert E. Stansky, who will retire, according to a news release from the firm.
Fergus Shiel will replace Mr. Lange as manager of the $7.1 billion Fidelity Capital Appreciation Fund; Mr. Shiel will continue to manage two smaller funds he now heads. James Harmon will replace Mr. Lange as manager of the $3.1 billion Fidelity Advisor Small Cap Fund. Rich Thompson will replace Mr. Harmon as manager of the $1.6 billion Fidelity Small Cap Independence Fund. Mr. Thompson was interim co-manager of the Fidelity Small Cap Stock Fund.
In a conference call Oct. 31 to discuss a spate of top-level management changes, both Mr. Stansky and Stephen P. Jonas, executive director of Fidelity Management and Research, denied Mr. Stansky was being forced out as a result of subpar returns for the flagship Magellan Fund during the portfolio manager's nine-year tenure. According to data from Chicago-based Morningstar, the fund had an annualized return of -2.85% for the five years through Oct. 28, 1.67 percentage points below the S&P 500 benchmark index for the same period. Mr. Stansky said after taking a break, he wouldn't rule out working at Fidelity again in some capacity, and Mr. Jonas said he hoped that would happen.
In addition, Timothy M. Cohen was named portfolio manager of the $31.3 billion Fidelity Growth & Income Portfolio, replacing Steven Kaye. Mr. Kaye will continue to manage institutional accounts and is considering "a number of options within Fidelity," according to the release. Victor Thay will replace Mr. Kaye as manager of the $3.3 billion Fidelity Export and Multinational Fund.
Paul D. Kaplan, portfolio manager of the $24 billion Vanguard GNMA Fund and co-manager of the $38 billion Vanguard Wellington Fund, will retire on June 30, confirmed John Demming, spokesman for Vanguard Group. Thomas L. Pappas will become lead portfolio manager for the GNMA Fund; he has been on the fund's portfolio management team since 1994. John C. Keogh will take over the fixed-income portion of the Wellington Fund. Mr. Keogh is a senior vice president and partner at Wellington Management, subadviser to the fund, and has been a portfolio manager on the fund for two years.
Rupert Allan will become president of Tremont Capital Management on Jan. 2, replacing Barry Colvin, who will leave the firm at year's end. Mr. Colvin, who joined Tremont in 1999 as director of manager research and became president in 2002, did not return a call seeking information about his plans after leaving Tremont. Mr. Allan is a managing director and head of Tremont's London office and of the firm's European and Asian operations; he will move to the firm's Rye, N.Y. office. Tremont CEO Robert Shulman said the firm is evaluating leadership in the London office and will make a decision about replacing Mr. Allan before year's end. Tremont manages $10 billion in hedge funds of funds for institutional and high-net-worth clients.
John A. Allison, deputy managing director of W.P. Stewart and chairman of subsidiary W.P. Stewart Asset Management, is leaving to pursue other business interests, said Fred Ryan, deputy managing director, investor relations. Mr. Ryan declined to comment on a replacement. Mr. Allison is planning to "purchase and develop a company that has been in his family for many decades," according to a news release. He could not be reached for further details.
Sarah Calvert Doerr was named CEO of Austin, Calvert & Flavin, a subsidiary of Waddell & Reed Financial, replacing Ron Calgaard, said Melinda Hart, spokeswoman. Ms. Doerr, who joined ACF in 1985, will remain the firm's COO; she was also chief compliance officer and a portfolio manager. Ms. Doerr said Mr. Calgaard's decision to step down as CEO was part of the firm's "long-term strategic plan" to turn management over to the next generation. He will remain chairman of the board and continue to be active in the firm's business development.
Additionally, two new client relationship positions were filled, Ms. Hart said. Claude Koontz was named client relationship manager, and Teri Grubb was named client services associate. Mr. Koontz was a client relationship manager at Chilton Capital Management, running the company's San Antonio office. Ms. Grubb was a vice president at Fixed Income Securities, which specializes in portfolio analysis and investment strategies.
Peter Chambers will join Legal & General Investment Management on Nov. 14 and take over as CEO in January, company spokesman Steve Leach said. Mr. Chambers was chief executive of Framlington Investment Management. He will replace Tim Breedon, who was promoted to chief executive of Legal & General Group following the recent announcement that current CEO David Prosser is retiring. Neville Vyas, spokesman for Framlington, could not be reached by press time to comment on a replacement for Mr. Chambers.
Thomas Donegan was named COO of Dahab Associates, and David Lee was named director of manager research, confirmed Richard E. Dahab, president of the firm. The COO position is new. Mr. Donegan was head of performance analysis and product development and will make any decision regarding a replacement, Mr. Dahab said; Mr. Donegan was unavailable for comment. Mr. Lee replaces Lillian Jones, who joined TIAA-CREF Asset Management as a product manager, said Glen Weiner, a TIAA-CREF spokesman. Mr. Lee will retain his consulting clients.
Anthony "Tony" Koenig was promoted to senior vice president and CFO of Pioneer Investment Management USA, said spokesman Geoff Smith. Mr. Koenig was corporate controller. He replaces Mark Goodwin, who was promoted in June to executive vice president and COO. Mr. Smith said Pioneer has not yet named a new corporate controller.
Paul Dunning was named CEO of the London office of hedge fund-of-funds manager Financial Risk Management. He partially replaces Luke Ellis, global head of research, who become a non-executive director of research, investments and client service, according to a letter sent to clients earlier this year. Mr. Dunning was CEO of HSBC Republic Investments, which manages about $5 billion in hedge funds of funds. Information about Mr. Dunning's replacement was not available by press time.
Patrick Ledford was named CIO of money market and enhanced cash strategies at Reserve Funds, said Scott Helfman, spokesman. The new position was created when the firm added enhanced cash funds earlier this year, said Mr. Helfman, who added that Reserve Funds plans to add to more enhanced cash products later this year. Mr. Ledford will oversee roughly $26 billion in money market and enhanced cash strategies. He was director of the liquidity management team at Citigroup Asset Management. Mary Athridge, Citigroup spokeswoman, could not immediately offer details on Mr. Ledford's replacement.
James Wolfensohn, former chairman of the World Bank Group, was named a management adviser on global strategy and international matters for Citigroup, according to a news release. Mr. Wolfensohn will also become the chairman of Citigroup's international advisory board and will work with the bank's global clients. Leah Johnson, Citigroup spokeswoman, said that Mr. Wolfensohn will assume the new responsibilities early next year. Mr. Wolfensohn headed the World Bank for 10 years until he left in June. Mr. Wolfensohn is chairman of Wolfensohn & Co., an advisory and investment firm; it could not be immediately learned if he will remain at the firm.
Francis A. Scotland joined Brandywine Asset Management as director of global macro research, according to Adam Spector, a managing partner. Mr. Scotland's primary responsibility in the new position is to provide investment ideas and strategies for the $8 billion Global Bond fund and the $100 million Global Opportunities Hedge fund. He will also help develop the firm's proprietary macro-research facility.
Derek Brown was named co-portfolio manager at Transamerica Investment Management, said Elizabeth Grice, spokeswoman. It is a new position. He will be responsible for investment-grade, aggregate, government, mortgage-backed and short-duration fixed-income strategies, which represent about $3.3 billion of the firm's $7.4 billion in fixed-income assets under management as of Sept. 30. Mr. Brown was a fixed-income trader at Bradford & Marzec. His duties have been absorbed by other portfolio managers at the firm, said Lee Scholey, director of marketing.
Separately, Jonathan DeMoss was named research analyst at Transamerica, joining the firm's value equity team, Ms. Grice said. It is a new position. Mr. DeMoss was a research analyst in AEGON's investments and institutional markets division.
David Honold Jr. was named security analyst and portfolio manager on the growth equity team at Turner Investment Partners. He replaces Chris Perry, who left in April, according to an e-mail from Tucker Hewes, spokesman. Mr. Honold was a vice president at broker/dealer Keefe, Bruyette & Woods.
Mark Howard Carter joined buyout firm TA Associates as a vice president in its health care group, a new position. Mr. Carter was a senior associate at Parthenon Capital. He has not been replaced, said Nanette Sorich, spokeswoman for Parthenon.
Edwin Conway joined Blackstone Alternative Asset Management as managing director. He will head U.S. marketing, distribution, business development and consultant relations for the firm, said spokesman John Ford. It is a new position. Mr. Conway will focus on marketing "pure alpha" or hedge funds-of-funds strategies to institutional investors, said J. Tomilson Hill, president and CEO, in a statement. Mr. Conway was an executive director at hedge fund-of-funds manager Arden Asset Management. Jonathan Gasthalter, an Arden spokesman, said the firm is searching for a client relationship professional to replace Mr. Conway. The person will report to Stephen Cordy, managing director.
Francis Ellison was hired as head of U.K. institutional sales at SEI Investments (Europe), which manages about £2.4 billion ($4.3 billion) in U.K. institutional assets, said Caroline Deutsch, spokeswoman. It is a new position, the result of "tremendous growth in the U.K., which has gathered momentum recently," Ms. Deutsch said. Mr. Ellison was head of European institutional business development and client servicing for Jupiter Asset Management, where he was replaced by Charlie Crole, who was a senior client director responsible for key institutional investors at Schroders, Jupiter spokesman Chris Duncan said. Jupiter's institutional business manages assets of about £2 billion.
Jens Schmitt was named head of institutional business in Europe for JPMorgan Asset Management. He was running the company's institutional business in Germany. Mr. Schmitt is assuming some duties of Peter Schwicht, who will continue as head of business in Germany, Austria and Switzerland.
Bill Feldmaier joined Comerica as vice president and national sales director in the retirement services group, confirmed spokeswoman Sara Snyder. He will oversee national sales, marketing, product development and training initiatives. The position was created to improve Comerica's 401(k) sales in Michigan, Texas, Florida and California, Ms. Snyder said. Mr. Feldmaier was a vice president of Midwest retirement plan sales for Scudder Investments, where he was responsible for qualified plan sales in the $1 million-to-$20 million market. Rosalia Scampoli, spokeswoman for Scudder, could not be reached by press time for information about a replacement.
Stephen T. Eckenberger was named senior vice president of institutional sales and client service at John A. Levin & Co. It is a new position, consolidating the firm's institutional sales and client servicing efforts, said spokeswoman Tracy Williams. Mr. Eckenberger was a senior director in charge of marketing the firm's hedge funds; in a telephone interview, he said he will retain those responsibilities.
Separately, Steven L. Tholen, a managing director, was promoted to senior vice president of intermediary distribution and adviser services, a new position, according to a news release. Mr. Tholen and Stephen Symonds, director of client and consultant relations, will report to Mr. Eckenberger.
Anna Mazzone joined SuperDerivatives as vice president of sales for Europe, the Middle East and Africa, company spokesman Lee Oliver said. It is a new position, created to add "a new layer of management" as the provider of option pricing, trading and risk management expands globally, Mr. Oliver said. Ms. Mazzone will be based in London and report to CEO David Gershon. She was a senior vice president of Reuters America in charge of a global marketing and product management team based in New York.
Ian Alcock was appointed head of institutional business for Vanguard Investment Australia, said Brian Mattes, principal at Vanguard. Mr. Alcock was managing director of Vanguard Investments Europe in Brussels. Mr. Alcock replaced Eric Smith, who was both head of institutional business and CIO; Mr. Smith will now focus on the latter role, which involves product development. In Brussels, Shellie Unger, a principal responsible for international operations in the Americas and Europe, will take over for Mr. Alcock while a search for his replacement continues, Mr. Mattes said.
Ross L. Stevens was named managing director and head of electronic trading services at Jefferies & Co., a new position, confirmed Tom Tarrant, spokesman. Mr. Stevens will expand Jefferies' electronic trading strategy across all securities classes. He was head of electronic trading services for global markets at Banc of America Securities and COO of equities. He left in May and was replaced by Bill Harts.
Ralph J. Acampora was hired as director of technical research at Knight Capital Group, where he will run the firm's new Knight Technical Research unit to provide market analysis, confirmed spokeswoman Margaret Wyrwas. "With Knight Technical Research, the company will tie technical analysis with trading for the first time in a series of products for clients," Thomas M. Joyce, Knight Capital chairman and CEO, said in a news release. The company expects to offer clients access to Knight Technical Research before the end of the year. Mr. Acampora was director of technical research at Prudential Equity Group, which closed its technical research group in October. Joining Mr. Acampora as technical analysts are Peter J. Martin, Phil N. Choremi and Peter W. Austin; all had been technical analysts at Prudential Equity Group.
Walter G. Ricciardi and Peter H. Bresnan were named deputy directors of the SEC's division of enforcement, confirmed John Heine, agency spokesman. They replace Linda Thomsen, who was named director of enforcement earlier this year. Mr. Ricciardi was district administrator of the agency's Boston office, and Mr. Bresnan was associate director of enforcement.
Thomas E. Plumb was named president and Charles Russella was named retirement practice leader at Stanton Group, which provides employee benefit plans, retirement and trust services, as well as compensation consulting and property and casualty insurance. Both positions are new, said Alex Cook, spokesman. Mr. Plumb led his own consulting firm, Fiduciary Associates, where he specialized in leading companies in benefits transition. Before that, he was president and CEO at employee benefits research firm PlanAnalytics. Mr. Russella was vice president of Fiduciary Associates, which has been closed.
Christine I. Koppel was named designated officer by the CFA Institute, Charlottesville, Va., to enforce the institute's code of ethics and standards of professional conduct by members, confirmed Jessica Galehouse, a CFA Institute spokeswoman. The post had been vacant for about a year. Ms. Koppel will oversee investigations of alleged violations of the code and standards and will propose sanctions on members who the institute has determined violated the code. She will also be a representative of the professional conduct program to institute members and CFA candidates. Ms. Koppel was an independent consultant to small and midsized organizations undergoing business transitions.
Robert A. Aaron, CEO of DPM Mellon, was elected chairman of the Managed Funds Association, the major lobbying group of the U.S. hedge fund industry. Mr. Aaron replaces Adam Cooper, senior managing director and general counsel of Citadel Investment Group. Three new MFA directors were elected: Sean Simon, managing director of Ivy Asset Management; Sarah E. Street, CEO of XL Capital Investment Partners; and Eric Vincent, COO and general counsel at Osparie Management. Re-elected to two-year terms on the board were Mr. Cooper; Scott Bernstein, general counsel at Caxton Associates; John M. Kelly, president and CEO of Man Investment Products; and Michael C. Neus, general counsel at Perry Capital.