Philippe Jorion was named director of the risk management group at hedge fund-of-funds manager Pacific Alternative Asset Management. The new position will be based in PAAMCO's Irvine, Calif., office, said CEO Jane Buchan. Mr. Jorion will focus on enhancing the firm's risk management processes and the investment infrastructure, with a specific responsibility for analyzing and valuing complex securities and new markets. Mr. Jorion is on a year's leave of absence from his position as the Chancellor's Professor of Finance at the Paul Merage School of Business at the University of California at Irvine.
Robert W. Stockton joined hedge fund-of-funds manager Taylor Cos. as managing director. It is a new position. Mr. Stockton will work on hedge fund manager research and portfolio construction, said Ann Taylor Reed, a spokeswoman. Mr. Stockton was a vice president in the Goldman Sachs partners' coverage group, where he advised and managed partner assets.
Neil Devlin was named senior vice president, portfolio manager and research analyst for the Templeton global equity group at Templeton Investment Counsel, an affiliate of Franklin Templeton Institutional. It is a new position, said Bill Weeks, spokesman. Mr. Devlin will manage institutional equity portfolios and assume research of North American banks and small-cap cyclical stocks, as well as country coverage for Spain and Portugal. Mr. Devlin had been Templeton CIO for fixed income between 1994 and 1999, when he left the firm. Most recently, Mr. Devlin was a portfolio manager on institutional accounts in the U.S., Canada and Japan at Boston Partners, where he was part of the firm's large-cap value portfolio management team. His responsibilities will be assumed by Mark Donovan, managing director and chairman of the equity strategy committee, and David Pyle, managing director, said Alan Towers, Robeco company spokesman.
R. Todd Gardenhire and Nelson W. Wolff have been appointed by President George W. Bush as members of the PBGC's advisory committee, confirmed PBGC spokesman Jeffrey Speicher. The appointments were first reported Tuesday afternoon on Pensions & Investments' website, pionline.com. Mr. Gardenhire, a senior vice president with the Smith Barney division of Citigroup Global Markets Inc., will represent the interests of employers. He will serve through 2007, filling the remainder of a three-year term vacated by West Virginia Secretary of State Betty Ireland, who resigned last year. Mr. Wolff is a judge and presiding officer of the Commissioners Court, the managing and governing body of Bexar County, Texas; he will represent the interests of the general public. He replaces William Batoff, a consultant and lobbyist, and will serve a three-year term expiring in 2009. The seven-member committee advises on investment policies and procedures, the trusteeship of terminated plans and other matters outlined by ERISA. Its next meeting is in July.