Gary Sullivan, a New York-based director of Deutsche Asset Management, will become lead portfolio manager of three dedicated high-yield funds with a combined $3 billion in assets under management: DWS High Income Trust, DWS High Income Plus and DWS High Income Capital DIP. He will also join the management teams of the $200 million DWS Multi Market Income Trust fund and the $49 million DWS Strategic Income Trust fund. He replaces Philadelphia-based portfolio manager Andrew P. Cestone, who is leaving the firm. DeAM spokeswoman Mayura Hooper declined to comment on Mr. Cestone's plans. Ms. Hooper said Deutsche Asset Management is consolidating its below-investment-grade fixed-income operation - including high-yield bonds, bank loans and emerging market debt - in New York. Some of the firm's private wealth management operations will remain in Philadelphia. DeAM is determining whether others in the Philadelphia office are interested in moving to New York. Mr. Sullivan was the head of DeAM's high-yield group in Frankfurt before transferring to New York late last year. Details on Mr. Sullivan's current responsibilities were not immediately available.
Alan Whalley, the former U.S. regional manager for Watson Wyatt Worldwide in Washington, will join Mercer Human Resource Consulting as U.K. chief executive and market leader, based in London. He replaces Simon O'Regan, who was promoted to head of the Europe and Asia-Pacific regions. It is a new position. "Given his reputation, industry experience and background, Alan will bring to the role a solid understanding of the U.K. market," Mr. O'Regan said in an e-mail response. "Mercer will also benefit from his personal connections with major clients, and his past successes in driving business growth." Mr. Whalley left Watson Wyatt in December 2005 and was replaced by Kevin Meehan in January 2006, Watson Wyatt spokeswoman Claire Barraclough said. Mr. Meehan was promoted from managing consultant for Watson Wyatt's Washington office.