Patrick Dunkerley was named senior vice president and midcap portfolio manager at UMB Asset Management, confirmed spokeswoman Katie McDonald. It is a new position, and he reports to Bill Greiner, CIO. Mr. Dunkerley is responsible for managing a new midcap equity strategy for institutional investors. UMB Bank and its investment subsidiaries have roughly $9.1 billion in assets under management. Mr. Dunkerley was CIO of the midcap core strategy at Victory Capital Management, where he was the lead portfolio manager on the midcap core equity team and the $350 million Victory Special Value Fund. Les Globits, who had been co-portfolio manager, assumed the lead manager role, said David Brown, Victory Capital managing director.
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Steve Gidumal joined Resurgence Asset Management, the distressed security investment arm of M.D. Sass Investors Services, as a managing director and co-CIO, said Martin D. Sass, chairman and CEO. The position is new. Mr. Gidumal joins Byron Haney, who, as managing director and CIO of Resurgence, had overseen the firm's three M.D. Sass Corporate Resurgence private equity funds as well as its M.D. Sass Re/Enterprise hedge funds. Mr. Gidumal's position was added because company officials think the recent surge in private equity investments and LBOs is likely to lead to an increase in bond defaults over the next few years as U.S. economic growth moderates, Mr. Sass said. Mr. Gidumal was managing director and portfolio manager of Virtus Capital, a hedge fund he founded in February 2004. Mr. Sass said no decisions have been made yet on the future of Virtus.
Ruth T. Ryerson was named executive director of the $1.6 billion Fort Worth (Texas) Employees' Retirement Fund, effective Sept. 18, confirmed Wanda Valentine, assistant director. Ms. Ryerson, who was confirmed Tuesday by the Fort Worth city council and Mayor Michael Moncrief, replaces James Newgard, who stepped down in February. Ms. Ryerson was CEO of the $3 billion Fire & Police Pension Association of Colorado, Greenwood Village, which administers more than 210 separate local pension plans and four statewide pension systems. Bill Morris will replace Ms. Ryerson as CEO at the end of the month, retaining his position as CIO, confirmed Kevin Lindahl, FPPA's general counsel. Ms. Ryerson's appointment was first reported Tuesday afternoon on Pensions & Investments' website, pionline.com.