A successor will be appointed by the president. A call to the White House press office for further information was not returned by press time.
Mr. Ferguson was appointed to the board of governors in 1997. His tenure as vice chairman was set to expire in October 2007, while his term as a board member would have ended in 2014. Before joining the Fed, Mr. Ferguson was a partner at consulting firm McKinsey & Co., and he was an attorney at the New York City office of Davis Polk & Wardwell.
Roelfien Kuijpers was named global head of institutional business at Deutsche Asset Management, said spokesman Jezz Farr. Ms. Kuijpers will be responsible for DeAM's fixed income, equities and cash businesses, according to a news release. It is a new position, reflecting DeAM's transition from a regional to a global product platform. Ms. Kuijpers will retain her current role as DeAM's global head of marketing but relinquish her responsibilities for global strategic planning and communications to Tom Curtis, who will remain global head of business development, according to the release.
Eric Scharpf and Matthew H. Taylor, formerly portfolio managers at Chartwell Investment Partners, left the company to launch Cheswold Lane Asset Management. The new firm will initially focus on a high dividend yield EAFE value equity strategy. The strategy, incubated at Chartwell since July 2005, is designed to be a "lower risk, higher current income" mutual fund that can meet the needs of individual investors as well as smaller foundations and pension plans with ongoing cash-flow obligations, Mr. Taylor said in a telephone interview. The strategy will aim for a dividend yield target of between 3.7% and 4.2% annually. Mr. Taylor described the break with Chartwell, which has strong growth equity and fixed-income strategies, as "amicable." Cheswold Lane is starting the mutual fund registration process, and with money from seed investors and expected retail inflows, Messrs. Scharpf and Taylor anticipate being able to garner enough assets to make the firm viable while it builds up the three-year track record institutional clients look for, Mr. Taylor said. Timothy J. Riddle, Chartwell's managing partner and CEO, couldn't immediately be reached for comment.
(Updated with correction)
Robert M. Paine joined alternatives manager and credit specialist GSC Partners as senior managing director. He will manage a new hedge fund and invest in leveraged and distressed markets. Carl J. Crosetto, managing director, was not available to say when the new fund will launch. Mr. Paine was a portfolio manager at Stanfield Capital Partners, where he managed a distressed debt fund. Andrew Siegel, partner, general counsel and COO at Stanfield, said that as part of a regular review, Stanfield made strategic adjustments to the firm's hedge fund products and will not be replacing Mr. Paine.