Lawrence H. Summers is joining hedge fund manager, D.E. Shaw as managing director. Mr. Summers was secretary of the treasury under President Bill Clinton and president of Harvard University until earlier this year. He will work part time on "various strategic initiatives and high-level portfolio management activities and … in reviewing the overall operations of the D.E. Shaw group," according to a company statement. It is a new position, Kari Elassal, a D.E. Shaw spokeswoman, said.
"Larry is an enormously gifted economist and has made major contributions as a researcher, a public servant and an academic leader. His extraordinary intellect, deep understanding of the financial markets and wealth of organizational experience will be uniquely valuable resources to the firm," David Shaw, chairman, said in the statement.
Another former treasury secretary, John W. Snow, who served from 2003 until May 2006, was appointed chairman of private equity and hedge fund manager at Cerberus Capital Management, according to a company statement.
"Secretary Snow has worked tirelessly, traveling the globe, to build a consensus on global economic issues. We will benefit enormously from his vast experience in business operations as well as his keen insights to economic trends and forces," said Stephen Feinberg, CEO of Cerberus Capital, in the statement.
Officials at Cerberus were not available to comment about Mr. Snow's predecessor.
Charles E. Vieth, president of T. Rowe Price Retirement Plan Services, will retire by the end of the year, said Brian Lewbart, spokesman. Mr. Vieth has held the position for 14 years. Wayne O'Melia, president of T. Rowe Price Services, the mutual fund transfer agency unit of parent T. Rowe Price, will take on day-to-day management responsibilities while the firm searches for a replacement, said Mr. Lewbart. There is no timeframe for hiring a replacement.
Eric Upin was named chief investment officer at Stanford Management Co., said John Powers, chief executive officer. Mr. Upin has been interim CIO since the end of 2005, when his predecessor, Mike Ross, left to become CIO at Makena Capital Management. Stanford Management runs the $15.2 billion endowment of Stanford University, Palo Alto, Calif.
Jean-Baptiste Segard was named CEO for Societe Generale Asset Management U.K., confirmed spokeswoman Inez de Koning. Mr. Segard will assume the post in January. He replaces former joint CEOs John Richards and Alex Buffet. Mr. Richards is giving up his corporate management responsibilities to focus entirely on asset management as U.K. equity fund manager and head of asset allocation. Mr. Buffet, who was also chief operating officer, will take on new senior responsibilities in Paris, but his official title has not been decided. Mark Robson will be the new COO; he will also retain his position as head of finance. Mr. Segard is head of corporate clients for continental Europe; Ms. de Koning could not immediately provide information on his replacement.
Bruce Geller was named CEO of Dalton, Greiner, Hartman, Maher, confirmed spokesman Bob Gorman. Mr. Geller, the firm's co-president, will replace Kenneth Greiner as CEO on Jan. 1, when Mr. Greiner will become vice chairman as part of a strategy to ensure "more definition" around the firm's succession plan, said Mr. Gorman. Stephen Bruno, the firm's other co-president, left the firm to pursue other opportunities, said Mr. Gorman, adding the firm will no longer have a president after the transition. Also, Jeffrey Baker was named CIO, effective immediately. Former CIO Timothy Dalton will remain chairman.
Matthew T. Hoffman was named CIO of hedge fund-of-funds manager Weston Capital Management. Mr. Hoffman will also be on the investment and management committees, Weston Chairman Albert Hallac said in a statement. Susan Dinielli, a Weston spokeswoman, did not return a call seeking information about Mr. Hoffman's predecessor. Mr. Hoffman was CIO of hedge fund-of-funds manager MayerCap, formerly known as Mayer & Hoffman; he was replaced by Eldon Mayer, co-founder and portfolio manager, said Sam Kirschner, managing director.
Thomas K. Montag was named global head of debt and equity securities trading at Goldman Sachs, effective Jan. 1. Mr. Montag, now co-president of Goldman Sachs Japan, will replace Gary D. Cohn, said spokesman Michael DuVally. Mr. Cohn and Jon Winkelried, previously co-head of investment banking, were named co-presidents and chief operating officers at Goldman Sachs in June, replacing Lloyd Blankfein, who was named chairman and CEO.
Collin Crownover was named global head of currency management at State Street Global Advisors, spokesman Stephen Sheppard confirmed. Mr. Crownover replaces Tony Spence, who left in April. Based in London, Mr. Crownover will report to Rick Lacaille, European CIO, and Alistair Lowe, director of global asset allocation and currency. Mr. Crownover was global head of the investor risk advisory team at Citigroup. Information about his replacement at Citigroup was not available at press time, according to Citigroup spokesman Adrian Russell.
F. Mark Turner joined Babson Capital Management as managing director with responsibility for expanding the firm's global macro absolute return product lineup, said spokeswoman Faith Yando. It is a new position. Mr. Turner's arrival "provides great opportunities to grow our absolute return product line and continues our overall focus on alternative investments," Roger W. Crandall, Babson's chairman, president and CEO, said in a news release. Mr. Turner will be responsible for managing three Pentagram Investment Partners global macro portfolios with combined assets of $100 million, which Babson will subadvise. Mr. Turner was president and CIO of Pentagram, an asset management firm he founded in 2001; he will retain ownership in the firm.
Kristi Mitchem was named managing director and head of the U.S. defined contribution business at Barclays Global Investors, said Lance Berg, spokesman. She will focus on defined contribution strategy. It is a new position. Ms. Mitchem was managing director and head of U.S. transition management; BGI is searching for a replacement.
Jeffrey Halpern was named director and head of market risk management for Credit Suisse's alternative investments multimanager business, confirmed spokeswoman Suzanne Fleming. He will help enhance the hedge fund-of-funds business. It is a new position. Mr. Halpern was the head of risk management at Moore Capital Management, an alternative investments firm. Calls to Moore seeking information on his replacement were not immediately returned.
Thomas Weisel Partners Group picked up key members of a small-cap/midcap growth equity portfolio management team from Columbia Management. It will be led by Kenneth Korngiebel, who joined Thomas Weisel as chief investment officer of the asset management business and head of a new small-cap/midcap growth equity team. Both positions are new, Mr. Korngiebel said in a telephone interview. Three other members of the Columbia portfolio manager team also joined Thomas Weisel, each as vice president and co-portfolio manager: Mike Kosicki, John Liu and Ted Wendell. Mr. Liu was an analyst at Columbia; the others were portfolio managers. In a news release, Chief Executive Officer and Chairman Thomas Weisel called the new team — the investment banking group's first move into traditional equity investment — "a significant milestone in the expansion of our asset management business." Mr. Korngiebel said his team will start managing seed money from the group, with plans to attract institutional money. The team will be based in Portland, Ore. Mr. Korngiebel was head of the small-cap/midcap growth strategies team at Columbia and was lead manager of the $1.4 billion Columbia Mid Cap Fund and the $195 million Columbia Small Cap Growth Fund I. Wayne M. Collette, a portfolio manager on Columbia's small-cap/midcap growth strategies team, replaced Mr. Korngiebel as head of the team and the two funds, and George J. Myers, another portfolio manager on the team, also remains, Columbia spokesman Tom Gariepy said. Mr. Gariepy said Columbia will be looking to add further portfolio managers to the team.
Michael Jones was named head of distribution for Columbia Management, confirmed spokeswoman Robyn Tice. The position is new, and he will report to Columbia President Keith Banks. Mr. Jones will be responsible for the firm's institutional and intermediary distribution. Previously, the intermediary responsibilities were handled by Donald Froude, who left Columbia earlier this month to join Legg Mason as managing director and head of U.S. distribution. Following his departure, the intermediary post was combined with the new institutional distribution position, Ms. Tice said. As reported in Thursday's P&I Daily, Mr. Jones left Robeco Investment Management, where he was the head of sales and distribution.
Michael Meyers was named a partner and portfolio manager at absolute return manager GoldenTree Asset Management, a new position. He will oversee the firm's global health-care investments, assuming coverage of the sector from another partner, who will concentrate on other sectors, said John Henderson, a spokesman. Mr. Henderson did not respond by press time to inquiries about the identity of the other partner. Mr. Meyers was a founder, portfolio manager and managing partner of hedge fund manager Trivium Capital. Tom Blessing, Trivium's director of marketing, said a senior health care analyst had been hired to assume Mr. Meyers' duties, but he declined to identify the person.
Ian Ormiston was appointed investment manager, European equities, at Resolution Asset Management, effective in January. Mr. Ormiston will leave his position as head of European equity at Singer & Friedlander in early December; he will be replaced by Frederique Carrier, a portfolio manager at the firm, said Tony Conway, head of marketing.
David Dinerman joined Probitas Partners in the new positions of CFO and administrative officer, Mr. Dinerman said. He was senior manager at consultant and accounting firm Grant Thornton. He has been replaced by Dan Reid, who has joined Grant Thornton as partner from Standard & Poor's.
Paul Heathwood, senior managing director at Robeco Investment Management, was named head of the firm's sales and distribution, confirmed spokesman Scott Sunshine. Mr. Heathwood replaced Michael Jones, who has left the firm. Mr. Heathwood, who has been the head of Robeco's intermediary, international and corporate sales, will retain those responsibilities.