David Fowley, managing director, senior portfolio manager and head of the strategic fixed-income and limited duration teams at Evergreen Investments, will leave the firm in January, confirmed spokeswoman Laura Fay. Mr. Fowley's position was eliminated as part of a restructuring in the fixed-income group. His portfolio management responsibilities on the $333.5 million Evergreen Limited Duration fund will be assumed by Douglas Williams, managing director, portfolio manager and head of specialized strategies at Evergreen affiliate Tattersall Advisory Group, and Lisa Brown-Premo, managing director and senior portfolio manager. Laura Lake, director and portfolio manager, will continue to work on the limited duration team.
Hasan Askari, chief executive of Old Mutual Asia Pacific, will retire in 2007, according to spokeswoman Katie Bell. Mr. Askari, who joined Old Mutual in 1999, was responsible for the sale of 2003 sale of Gerrard, the firm's U.K. private client stock brokerage, and he engineered the company's entry into India through a joint venture with Kotak Mahindra. He also has executive duties related to Old Mutual Asset Managers U.K., which will be transferred in January to Scott Powers, Boston-based chief executive of Old Mutual USA. "We felt that the U.K. business is more closely related to the U.S. business than Asia-Pacific," Ms. Bell said. Julian Roberts, chief executive for Skandia, will assume Mr. Askari's executive responsibilities at Palladyne Asset Management; both firms are Old Mutual affiliates. Russell Reynolds Associates was hired to search for Mr. Askari's replacement, and Mr. Askari will retain his Asia-Pacific responsibilities until a replacement is appointed.
Carrie McCabe resigned as president of FRM Americas last week, according to a letter to clients sent by CEO Andy Brindle. Ms. McCabe will return to McCabe Advisors, the hedge fund consulting firm she founded. Mr. Brindle and George Jamgochian, director and head of marketing and relationship management, assumed Ms. McCabe's duties, according to the letter. Ms. McCabe joined FRM Americas, the New York office of hedge fund-of-funds manager Financial Risk Management, as CEO in March 2005. Mr. Brindle replaced her in that position in July, when she was named to the new position of president. Ms. McCabe could not be reached for comment.
Peter Duffy was named portfolio manager at PENN Capital Management, confirmed Brian Hicks, vice president in the client services group. It is a new position. Mr. Duffy will contribute to both equity and fixed-income strategies, said Mr. Hicks. PENN Capital has $4 billion in assets under management. Mr. Duffy was a director and sector specialist on the high-yield team at Deutsche Asset Management in Philadelphia. His responsibilities were transferred to Colleen Cunniffe, director and head of research for high yield in DeAM's New York offices, said spokeswoman Mayura Hooper.