Gallegos leaves NYC Retirement Systems
|Gloria Gil||Frederick H. Waddell||Jeffrey E. Gundlach||Roelfien Kuijpers|
Edwina Neal was promoted to CIO of equities and Arnold Shapiro was promoted to CIO of fixed income at the €190 billion ($227 billion) Stichting Pensioenfonds ABP, Heerlen, Netherlands, according to a news release. Both Ms. Neal, equity fund manager, and Mr. Shapiro, co-CIO of fixed income, had been interim directors of equities and fixed income, respectively. The positions were created after previous CIO Jan Straatman announced his departure last year; he handled both equities and fixed income.
Gloria Gil will join the University of California, Oakland, as director of real estate for the school's endowment and pension plan, with a combined $64 billion, Ms. Gil said in an interview. Ms. Gil is senior investment officer, real estate, for the $31 billion Los Angeles County Employees Retirement Association, Pasadena, Calif. Neither Lisa Mazzocco, CIO of the Los Angeles County fund, nor officials at the University of California returned calls by press time seeking further details.
Michael H. Wilson stepped down as chairman of UBS Canada and a director of BP PLC to accept an appointment as Canadian ambassador to the United States in mid-March, UBS and BP spokesmen said. As full-time chairman at UBS, his duties included overseeing the management of C$26 billion (US$22.7 billion) in assets run by UBS Global Asset Management (Canada), said Graeme Harris, spokesman. Mr. Wilson left UBS March 3, and a search is under way for his replacement, Mr. Harris said. Whether UBS will use an executive recruiting firm "depends on how successful we are" in finding candidates; UBS officials hope to fill the position "as soon as an appropriate candidate can be found," he added.
Frederick H. Waddell was named president and COO of Northern Trust, according to a Northern Trust spokesman. The board of directors elected Mr. Waddell Feb. 21, filling the positions left vacant by the retirement of Barry Hastings at the end of 2002. Mr. Waddell will retain his current position as president, corporate and institutional services.
William J. Poulin joined Columbia Management Group, an investment management arm of Bank of America, as vice president of product strategy and development, according to a news release. John Goldstein, spokesman for Bank of America, did not return calls requesting comment. Mr. Poulin was vice president of investment product management and development at Fidelity Investments. Jenny Engle, spokeswoman for Fidelity, did not have information about Mr. Poulin's replacement.
Bill Driscoll was named director of research of the global fundamental strategies team at State Street Global Advisors, said Arlene Roberts, spokeswoman. He replaces Dean Gekas, who left the firm at the end of 2005 to pursue other interests. Mr. Driscoll will report to Matthew McPhee, head of GFS, which oversees the firm's actively managed long-only equity strategies, according to a news release. Mr. Driscoll was an equity analyst with the GFS group, covering the media industry. Ms. Roberts said SSgA has yet to name a replacement.
Lance Donenberg will join hedge fund-of-funds manager Glenwood Capital Investments in April as head of manager sourcing. He will also join Glenwood's investment committee. Mr. Donenberg replaces David Kim, who left the firm, said Armel Leslie, a Glenwood spokesman. Mr. Donenberg was director of alternative investments in the Chicago office of hedge fund manager Balyasny Asset Management. Information on a replacement was not available.
Jeffrey E. Gundlach, chief investment officer of TCW Group, was also appointed CIO of the firm's Strategic Income Fund, replacing Thomas Lyons, said Michael Utley, spokesman. Mr. Lyons, a specialist in convertible securities, will continue to manage the convertibles portion of the fund. The Strategic Income Fund invests in mortgage-backed, asset-backed, convertibles and high-yield debt securities, as well as collateralized debt obligations. It can also use up to 30% leverage.
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.
Richard Wilson was named head of equities at F&C Asset Management, according to a news release. It is a new position. Mr. Wilson was head of pan-European equities at F&C and a member of the firm's management committee. It could not be learned by press time whether he was replaced.
Alan Rubenstein, London-based managing director of Morgan Stanley's European pensions group, will join Lehman Brothers in May to set up a similar initiative, according to a news release. His new role as Lehman's managing director and European head of the pensions advisory group will involve consolidating and developing existing pension expertise for the investment bank. He will report to Philip Lynch, head of global finance for Europe, and Philippe Dufournier, head of the structured solutions group, Europe. Morgan Stanley spokesman Erik Portanger declined to comment on whether Mr. Rubenstein would be replaced. Last week, the investment bank appointed Andrew Drake, co-founder of London-based investment consultancy PSolve, as head of U.K. pensions. While Mr. Drake is not a direct replacement for Mr. Rubenstein, he will have responsibility for developing the firm's relationships with major clients, Mr. Portanger said. Mr. Drake's duties at PSolve have been assumed by other team members, principal John Conroy said.
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, said that a target date has not been set for launch of the fund. 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.
David Lissek was named senior vice president at Freeman Associates, said Michael Bishop, president. Mr. Lissek will lead sales and client services efforts for corporate and public pension plans, as well as foundations and endowments. The position is new. Mr. Lissek was a senior vice president and relationship officer at Barclays Global Investors. His responsibilities are being assumed by other members of the firm's institutional business, said BGI spokesman Lance Berg. Freeman Associates is "actively pursuing" other individuals as the firm expands, Mr. Bishop said, adding that its assets under management have roughly doubled in the past two years to $4 billion.
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 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.