Robert L. Borden will be chief investment officer of the South Carolina Retirement System Investment Commission, which oversees the $26 billion South Carolina Retirement System, Columbia. Mr. Borden resigned as executive director of the $7 billion Louisiana State Employees' Retirement System, Baton Rouge, to accept the position, confirmed LASERS spokesman Byron Henderson. Trustees will meet March 24 to begin the process of selecting Mr. Borden's replacement, Mr. Henderson said. Mr. Borden's last day will be April 7. Michael Sponhour, spokesman for the South Carolina fund, directed questions to general counsel Nancy Shealy, who is also administrative director of the investment commission. Ms. Shealy was not available for comment by press time.
BlackRock and Merrill Lynch Investment Managers formed a 12-person team to oversee integration of the two firms, according to a filing March 10 with the Securities and Exchange Commission. The committee will be co-chaired by Bob Doll, president and chief investment officer of MLIM, and Ralph Schlosstein, president of BlackRock. Representing BlackRock are Henry Gabbay, managing director and head of administration and operations; Charlie Hallac, managing director and head of BlackRock Solutions; Rob Kapito, vice chairman and head of portfolio management; Barbara Novick, managing director and head of account management; and Sue Wagner, COO. MLIM will be represented by Rob Fairbairn, COO of EMEA (Europe, the Middle East Africa) Pacific region; John Fosina, chief administrative officer; Brian Fullerton, CIO for the Americas; Frank Porcelli, COO for the Americas; and Quintin Price, CIO of EMEA Pacific region. Simon Mendelson, managing director of strategy and development at BlackRock, and Abby Reynolds, MLIM director of strategy, will act as project managers for the committee.
Francis Brenner was named portfolio manager-private equity at the $78.6 billion State of Wisconsin Investment Board, Madison. He will help oversee $1.7 billion in private equity. Mr. Brenner replaces Thomas P. Olson, who left last May to become director of investments at the $2.2 billion University of Wisconsin Foundation, Madison. Mr. Brenner was a vice president at Morgan Stanley Capital Group. Morgan Stanley officials declined to comment on a replacement, spokesman Chad Peterson said.
Also, Chris Prestigiacomo was promoted to portfolio manager of SWIB's $54 million Wisconsin private equity and $362 million Wisconsin private debt portfolios. He is replacing Monica A. Jaehnig, who retires in June. She is assisting in the transition, said Vicki Hearing, public information officer. Mr. Prestigiacomo was assistant portfolio manager; SWIB has no plans to fill that position. James Vander Meer also was hired as investment analyst, a new position. He was vice president in commercial lending at Amcore Bank.
Karel Noordzij, chairman of the €71 billion ($85.5 billion) PGGM pension plan, Zeist, Netherlands, resigned following "irreconcilable" policy disagreements between himself and the board of governors at the plan, spokeswoman Ellen Habermehl said. Mr. Noordzij left the plan March 6; he joined its executive board more than two years ago with overall responsibility for day-to-day operations.
A source close to the plan said Mr. Noordzij's departure might have been triggered by frustration with PGGM's management structure, in which nearly all decisions had to be approved by the board of governors. The source said investment issues most likely were not part of Mr. Noordzij's disagreement with the board. Ms. Habermehl said the board of governors would not elaborate on the disagreement. Mr. Noordzij could not be reached for comment. Other executive directors will perform Mr. Noordij's duties, with Heino van Essen serving as interim chairman, according to PGGM's website. Details on a search for a permanent replacement could not be obtained by press time.
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.
Henry Smith, president and chief executive officer of W.P. Stewart, resigned for health reasons, and John Russell was named interim president, confirmed Fred Ryan, deputy managing director of investor relations. There is no specific timeline for selecting a new president, Mr. Ryan said. Mr. Russell, who plans to retire when the position is filled, will not be a candidate. He will relinquish his position as deputy chairman but will remain on the company's board of directors as a director and a member of the executive committee
Alan Patricof, co-founder of private equity firm Apax Partners, announced March 6 that he has left the firm and formed a new venture capital firm, Greycroft LLC. Mr. Patricof has been unwinding his management stake in Apax over the last three years, said Tom Johnson, Greycroft spokesman. Apax spokeswoman Laura Brightsen could not be reached by press time for information on a replacement.
Michael Barth was named managing director, global investment, at Darby Overseas Investments, the private equity and mezzanine arm of Franklin Templeton Investments. It is a new position, according to Nigel Adam, spokesman. Until November 2004, Mr. Barth was chief executive officer of Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden, a Dutch firm specializing in private investment in emerging countries. He was replaced at FMO by R. Arthur Arnold. Details about Mr. Barth's most recent previous position could not be learned by press time.