David Eager, Glenn Davis and David Holmes formed money manager consulting firm Eager, Davis & Holmes LLC. The new firm combines Eager & Davis LLC, a consultant to investment managers, and Holmes Research. Messrs. Eager, Davis and Holmes worked together at investment management consultant Eager & Associates when William M. Mercer bought the firm in 1998. Messrs. Eager and Davis left in 2000, while Mr. Holmes stayed with Mercer until 2004 and then opened his own firm. Mr. Eager said the new firm offers an array of consulting and research capabilities to help money managers build and retain assets through improved client servicing and product positioning.
Patrick J. Mc Nelis was named executive director, institutional sales, at Principal Global Investors, said spokeswoman Tina Marchetti. He replaces Richard Hibbs, who left in February, Ms. Marchetti said; she had no information on Mr. Hibbs' plans. Mr. Mc Nelis will oversee U.S. institutional sales and consultant relations efforts. Mr. Mc Nelis was head of institutional advisory services for the Americas at Citigroup Asset Management. Mary Athridge, a spokeswoman for Legg Mason, which absorbed Citigroup Asset Management in November, said there was no similar groupwide position at Legg Mason, where subsidiaries such as Western Asset Management have separate sales arms.
Don Salama was promoted to senior managing director of sales, marketing and product development at NYLIM Retirement Plan Services. Tom Clough also was promoted to senior managing director, said spokeswoman Sarah Lazarus. Both men will retain their current duties. Messrs. Salama and Clough were managing directors, she said, adding the promotions were due to NYLIM's growth in the midmarket defined contribution plan business.
M. Benjamin Gerig joined Black Diamond Capital Management as a director in its Greenwich, Conn., office, confirmed Jeff Lloyd, spokesman. The position is new; he reports to managing partner Stephen Deckoff. Mr. Gerig previously was a senior vice president at GE Real Estate. Peter O'Toole, a spokesman for General Electric, was not available for comment at press time. Black Diamond has about $8 billion under management in private equity, hedge funds and structured vehicles.
J. Alfred Broaddus Jr. left the board of the Virginia Retirement System, confirmed spokeswoman Jeanne Chenault. His term expired at the end of February. Mr. Broaddus - a director of T. Rowe Price Group Inc., which manages roughly $370 million in emerging markets equity for the $48.6 billion Richmond-based system - asked not to be considered for another term to avoid any perception of a conflict of interest, Ms. Chenault said. Mr. Broaddus was appointed in July to complete the term of Alphonso I. Samper. There is no word yet on when Gov. Timothy Kaine will name a replacement, Ms. Chenault said.
Joseph M. Caticchio and Michael Mahoney were named regional vice presidents at Trust Fund Advisors, confirmed spokeswoman Pam Greenwalt. Both are new positions, reporting to James Kennedy, senior vice president of investment services, Ms. Greenwalt said. Mr. Caticchio was director of sales and client service and a senior partner at Harris Investment Management. Sheila Conroy, a spokeswoman with Harris, was not available for comment on a replacement at press time. Mr. Mahoney was promoted from investor relations director at Trust Fund Advisors; he will retain his current duties.