Thomas K. Lee was hired as deputy executive director of the $90 billion New York State Teachers' Retirement System, Albany, effective Sept. 6, according to a news release. It is a new position. Mr. Lee will help oversee the plan's investments of the plan and the administration of benefits. He is the executive director of the $35 billion Maryland State Retirement & Pension System, Baltimore. Anne Budowski, a spokeswoman for the Maryland plan, said the board will decide soon who will act as interim executive director, as well as to plan a search for a replacement.
Gregg Rademacher was named CEO of the $34 billion Los Angeles County Employees Retirement Association, Pasadena, Calif., said Robert Proctor, director of human resources. Mr. Rademacher replaces Marsha D. Richter, who will retire in October. Mr. Rademacher has been assistant executive officer since July 1996. Fund officials are searching for his replacement, Ms. Richter said. Heidrick & Struggles assisted.
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 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.
Steven Schoenfeld was named CIO of the global quantitative management unit at Northern Trust Global Investments. It is a new position, said John O'Connell, a Northern Trust spokesman. Mr. Schoenfeld will assume responsibility for investment performance across Northern Trust's index, enhanced and quantitative active strategies, which had $214 billion in assets as of June 30. Previously, Mr. Schoenfeld was chief investment strategist, a role that has been incorporated into his new position, Mr. O'Connell said. Additionally, James Upton was named senior investment strategist in the global quantitative management group, focusing on international equities and fixed income in both developed and emerging markets. He replaces Robert Ginis. Mr. Upton was a global equity strategist at Credit Suisse. Northern Trust's global quantitative management group will hire more strategists in the U.K. and U.S. in the coming months, Mr. O'Connell added.
Also, Stephen Andress was named global head of derivatives operations at Northern Trust, spokesman John O'Connell confirmed. The new position is based in London. Mr. Andress will be responsible for the development of the company's back-office derivatives processing operation, including putting together a team. He reports to Joyce St. Clair, executive vice president of Northern Trust's worldwide operations and technology group. Mr. Andress was global head of OTC derivatives operations and collateral management at Commerzbank.
Rod Davidson was appointed global head of fixed income at Scottish Widows Investment Partnership. It is a new position. He replaces Alan Reid, former head of fixed income, who retired in July; the firm decided to broaden the position to a global role, said Christine McAllister, SWIP spokeswoman. Mr. Davidson was head of fixed income at Aberdeen Asset Management; he left in September 2005 when the firm acquired the fixed-income business of Deutsche Asset Management.
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. No decisions have been made yet on the future of Virtus.
Kathy O'Connor and Jeff Sanders joined Morgan Stanley Investment Management as managing directors and quantitative value equity portfolio managers, said spokeswoman Andrea Slattery. The positions are new. They will specialize in quantitative small-cap, midcap and large-cap value strategies. The two previously worked at New York Life Investment Management, where they were managing directors and portfolio managers of the Mainstay Small, Mid and Large Cap Opportunity funds, with more than $3 billion in retail, institutional and high-net-worth assets, according to an internal MSIM memo. Joan Sabella, a director with NYLIM's quant-focused equity investors group and portfolio manager of the EIG Balanced Strategy, will oversee the funds on an interim basis, NYLIM spokesman John Puccio said.