James W. Hirschmann relinquished his responsibilities as president and chief operating officer of Legg Mason, citing family reasons, said spokeswoman Mary Athridge. Mr. Hirschmann will remain chief executive officer of Western Asset Management, a position he retained after his elevation to the executive posts at parent company Legg Mason effectively made him the heir apparent to Raymond A. Chip Mason, Legg Masons chairman and chief executive officer. Mr. Mason will now reassume the responsibilities of president and has committed to leading Legg Mason for at least two more years, during which time the companys board of directors will work to identify a successor. The position of COO, which was a new one at Legg Mason when Mr. Hirschmann picked up the title in July, wont be filled. In a news release, Mr. Hirschmann said his Legg Mason duties demanded his presence in Baltimore full time, and he had concluded it wasnt in his childrens best interests to uproot them from their home in California. Ms. Athridge said D. Daniel Fleet will remain president of WAMCO, a position he assumed from Mr. Hirschmann when Mr. Hirschmann took on his responsibilities at the parent company.
Cynthia L. Egan was named president of T. Rowe Price Retirement Plan Services, effective May 14, said Heidi Walsh, vice president and director of strategic marketing and business development. Ms. Egan replaces Charles Vieth, who retired in December. She was executive vice president of Fidelity Investments. Calls to Deb Pont, spokeswoman for Fidelity, were not returned by press time.
Greg Wessell, Michael Carr and Brian Caldwell, all stable-value portfolio managers from INVESCO Institutional, have joined Deutsche Asset Managements fixed-income operation in Louisville, Ky., as vice presidents and portfolio managers, confirmed spokeswoman Mayura Hooper. The three will report directly to John Axtell, managing director and head of DeAMs stable-value team. Catherine Higgins also left INVESCO to be an associate vice president and relationship manager at DeAM. Her previous title was not available. The four follow DeAMs hiring of 16 fixed-income professionals from INVESCOs worldwide fixed-income group in March, many of whom have been tapped to start a new fixed-income business for DeAM in Louisville. The responsibilities of Messrs. Wessell, Carr and Caldwell have been assumed by the remaining eight members of INVESCOs Louisville-based portfolio management team, according to a letter INVESCO issued to stable-value clients.
Gary Withers was named vice chairman and head of asset management for Europe, Middle East and Africa at Credit Suisses London office, effective May 1, confirmed Wesley McDade, a spokesman. Mr. Withers will report to David Blumer, CEO of asset management, and Michael Philipp, CEO of the EMEA region. Mr. Withers replaces Mark Burgess, who is leaving the firm to pursue other opportunities. Mr. Withers was chief executive at Norwich Union, the life insurance arm of insurance company Aviva. Mark Hodges replaced Mr. Withers as chief executive, said Sarah Horner, a Norwich Union spokeswoman.
James D. McCool, executive vice president for corporate and retirement services at Charles Schwab, was named chairman of the Advisory Council on Employee Welfare and Pension Benefit Plans, also known as the ERISA Advisory Council. Five new members will also be appointed: Stephen McCaffrey, senior counsel at KeySpan Corp.; Patricia Brambley, president of consulting firm Resources for Retirement; Richard Helmreich, an employee benefits attorney at the law firm Porter Wright Morris & Arthur; Elizabeth Dill, worldwide partner and global retirement strategist, Mercer Human Resource Consulting; and Randy DeFrehn, executive director of the National Coordinating Committee for Multiemployer Plans, an advocacy group for multiemployer plans, according to a Department of Labor news release. The 15-member council advises the Labor Department on ERISA policies and regulations.
Jeffrey Kerr was promoted to president of U.S. Banks institutional trust and custody group, confirmed Amy Frantti, a spokeswoman. He replaces Diane Thormodsgard, vice chairman and head of wealth management. Mr. Kerr will report to Ms. Thormodsgard. Mr. Kerr was senior vice president and national manager of the banks trust and custody group.
Martin Dorow was named director of consultant relations at asset management firm Chicago Equity Partners, confirmed Patrick Lynch, president. It is a new position. Mr. Dorow will report to Mr. Lynch. Previously, Mr. Dorow was a managing director at AIG Global Investment Group; he has not been replaced, said an AIG spokeswoman.
Margaret D. Patel joined Evergreen Investments as a managing director and portfolio manager, said spokeswoman Laura Fay. Ms. Patel will manage the $1.3 billion Evergreen Balanced Fund and the $302 million Evergreen Strategic Income Fund. She replaces a team of six portfolio managers for the Strategic Income fund and 12 portfolio managers for the balanced fund.
Effective June 1, the Strategic Income fund will be renamed Evergreen Diversified Income Builder fund, reflecting the wider range of securities Ms. Patel can invest in. In an interview, Ms. Patel said shell be able to add equities and equity-like instruments such as convertible bonds to the fixed-income lineup found in typical strategic income funds, which currently offers little in the way of extra return potential. On the equity side, Ms. Patel said shell take a multicap approach, with active industry allocations to take advantage of pockets of value. Ms. Patel was portfolio manager of Pioneer Investments $4.7 billion Pioneer High Yield fund. Andrew Feltus, portfolio manager of the $1.7 billion Pioneer Global High Yield fund, also became lead manager of the High Yield fund as of April 2.
Rudy Gernert, president and chief executive officer of Aegon Institutional Markets, has retired. He will pursue other interests, possibly an entrepreneurial investment venture, said Michele Coan, director of operations and communications. Mr. Gernert retired; he could not be reached for further details. Jacqueline Griffin took over as president and CEO, Ms. Cohen said. Ms. Griffin was executive vice president; no information was available on a replacement. Aegon manages $81 billion in stable value, cash, medium-term notes, municipal investments and structured products.
John Harris, chief financial officer of The Carlyle Group, is leaving the private equity firm this fall, confirmed Christopher Ullman, director of global communications. Mr. Harris is leaving for family and personal reasons that are all positive and that will enable him to fulfill some personal goals, Mr. Ullman said. A search for a replacement is under way, he said.
Robin Phipps, Legal & General executive director responsible for U.K. business operations, will retire July 13, according to a news release. His duties will be assumed by John Pollock and Kate Avery, both executive directors. Mr. Pollock is responsible for the protection and annuities division, and Ms. Avery, wealth management. Spokesman John Morgan could not be reached by press time for comment.
Janet Navon and Richard Watt were named managing directors and members of the global portfolio management team at Epoch Investment Partners. The positions are new, confirmed spokeswoman Kristen Georgian. Ms. Navon will focus on managing U.S. equities and will report to David Pearl, Epochs head of domestic equity. Mr. Watt will focus on developing non-U.S. investment strategies and will report to CEO William Priest. Ms. Navon was a managing director and portfolio manager at Steinberg Asset Management, where she ran all-cap, midcap and small-cap strategies. Donald Schultheis, managing director at Steinberg, was not immediately available to provide details on her replacement. Mr. Watt was an executive vice president on the consultant relations team at Schroder Investment Management. The company integrated its consultancy and research teams in North America before Mr. Watts departure, said spokesman Richard Shaw. Mr. Watts responsibilities have been assumed by members of the new group, which is now led by Ross Servick, head of North American consultant and research relations.
Susan Balloch joined The Blackstone Group as executive director, confirmed John Ford, Blackstone spokesman. It is a new position. Ms. Balloch was in the investor relations group of private equity firm, Welsh, Carson, Anderson & Stowe. Fran Hurley, director of investor relations, could not be reached by press time regarding information on a replacement.
Darryl Thompson was named president at Stonebrook Capital Management, an alternative investment firm, confirmed spokesman Lemuel Brewster. It is a new position. Mr. Thompson will report to Jerome Abernathy, Stonebrooks founder and chief investment officer. Mr. Thompson was partner at TSG Capital Group, a private equity firm. Mark Inglis, CFO of TSG Capital, said Mr. Thompson will retain his responsibilities part time until the firm winds down its remaining investments.
Robert J. Moore was named head of ABN AMROs North American business and senior executive vice president in the global organization, effective May 1, confirmed spokeswoman Lauren Vidovich. He succeeds Norman R. Bobins, who announced in January that he will retire at the end of the year. Mr. Bobins will become chairman of subsidiary LaSalle Bank on May 1. Mr. Bobins role was divided into two positions. Mr. Moore will be responsible for ABN AMROs activities in North America, Larry Richman was named president and CEO of LaSalle Bank and president of LaSalle Bank Midwest earlier this year. He will report to Mr. Moore. Mr. Moore is executive vice president and CFO for LaSalle Bank and ABN AMRO North America. No replacement has been named.
Alexander Backhaus was hired as COO and executive vice president at Metzler/Payden, confirmed Sabine Matthies, spokeswoman. It is a new position. Backhaus joined on Feb. 1 and reports to the firms board of directors. The position was created because the firm has had enormous growth and the board wanted additional management to support that, said Ms. Matthies. Over the past four months, the firm, a joint venture between Metzler Bank and Payden & Rygel, added $500 million in assets, bringing the total to $2 billion. Mr. Backhaus was regional COO of Commerz Asset Management Asia Pacific.
Blair Pickerell was named managing director and head of Morgan Stanley Investment Management Asia. The position was created earlier this year when Morgan Stanley divided oversight of its non-U.S. investment management business into separate Asian and Europe-Middle East-Africa positions, said spokeswoman Erica Platt. James Dilworth, who was hired in March, will run its EMEA business. Mr. Pickerell will be based in Hong Kong. Mr. Pickerell was CEO of HSBC Investments in Asia. Jon Ryan, HSBC spokesman, was not immediately available to provide details on Mr. Pickerells replacement.
Pierre Vaquier was named CEO of AXA REIM, AXA Investment Managers real estate business, said Susan Lakeman, spokeswoman for AXA Investment Managers. Mr. Vaquier will remain CEO of AXA REIM France. Mr. Vaquier replaces Paul Marcuse, who joined UBS Global Asset Management in January as head of global real estate.
Edward Craig was promoted to managing director and head of U.S. cash equities trading at Jefferies & Co., confirmed spokesman Todd Miller. It is a new position. Mr. Craig will report to Ross Stevens, co-head of the firms equity department. Mr. Craig will retain his responsibilities as head of consumer, retail and gaming sector trading.
David Waldman joined Loomis Sayles as a vice president and director of quantitative research, said spokeswoman Erin Heggerick. His responsibilities include developing systematic frameworks for analyzing fixed-income investment opportunities and building quantitative tools to support fixed-income portfolio construction, monitoring and strategy development. Mr. Waldman replaced Henry Ma. Mr. Waldman was a senior fixed-income portfolio manager and director of fixed-income quantitative research at Putnam Investments. Putnam spokeswoman Nancy Fisher said Mr. Waldmans responsibilities have been assumed by other members of Putnams fixed-income team.
Raphael Kassin was appointed head of emerging markets-fixed income at the asset management arm of Credit Suisse. It is a new position. He joins the firm in July and will report to Paul Griffiths, managing director and global head of fixed income, said spokeswoman Irene Valenkamp. Mr. Kassin was head of emerging market debt at ABN AMRO Asset Management. Paul Abberley, global head of fixed income, is taking on Mr. Kassins responsibilities while the firm seeks a replacement, said ABN AMRO Asset Management spokesman Albert Holzappel.
Patrick Grant was named head of Middle East for Schroder Investment Management, according to spokesman Nik Ekholm. The position is new. Schroders manages about $5.5 billion for Middle Eastern clients. Mr. Grant was head of Middle East for JPMorgan Asset Management. Andrew Williams, head of the global sovereign team, and Toby Lott, client adviser in the sovereign team, assumed Mr. Grants responsibilities on an interim basis while JPMorgan searches for a replacement, according to spokeswoman Emma Collins.
Arvind K. Bajaj will join Ptarmigan Capital on May 1 as a principal, said spokesman Roland Tomforde. He will focus on the firms global real estate strategies including commercial and residential investments in India. Mr. Baja was a managing director at Credit Suisse and head of Middle East real estate. He has not been replaced, said Pen Pendleton, Credit Suisse spokesman.
Julie Gorte joined Pax World Management as senior vice president-sustainable investing, a new position at the socially responsible investment mutual fund company, confirmed spokeswoman Gina Ivey. Ms. Gorte manages the social-screening process. She was vice president and chief of social investment strategies at Calvert Group, where her duties will be assumed by Steve Falci, CIO-equities, and Paul Hilton, director of institutional and SRI marketing, said Bennett Freeman, Calvert senior vice president of social research and policy.
Herve Geny was named global head of risk at broker-dealer ICAP, spokesman Mike Sheard confirmed. Mr. Geny replaces Phil Moyse, who was chief risk officer and will remain with the group as consultant. Mr. Geny will relocate to London and report to Mark Yallop, ICAPs group operating officer. Mr. Geny was head of the global risk management specialists group at Moodys Investor Services. Abbas Qasim, Moodys spokesman, said the company is expects to announce a replacement soon.
Kevin Hardy was named managing director, international sales, for Europe, Middle East and Africa and the Asia-Pacific regions for Northern Trust Global Investments, confirmed spokesman John OConnell. It is a new position. Mr. Hardy reports to William Huffman, CEO of Northern Trust Global Investments Ltd., the London-based subsidiary responsible for non-U.S. asset management. Mr. Hardy, who is currently senior vice president and global head of transition management, will retain those responsibilities, reporting to Michael Vardas, senior vice president and head of global quantitative management transition, Mr. OConnell said. Grant Johnsey also was named vice president and head of transition management-North America at NTGI, and Simon Hutchinson was named vice president and head of transition management-international. Both positions are new. Messrs. Johnsey and Hutchinson will retain their current roles as senior transition management strategists. Both report to Mr. Hardy.
Amanda Grant was named head of institutional client service at Columbia Management, according to spokeswoman Robyn Tice. Ms. Grant replaces Bill Brown, who is retiring after more than 30 years with the company. Ms. Grant will be based in Boston and will report to Mike Jones, head of distribution. She was head of global relationship management at Babson Capital Management, where her responsibilities were assumed by Linda Carstens, a member of Babsons global relationship management team, said spokesman Nigel Adam.
Vincent Thompson joined Highland Financial Holdings Group as managing director of marketing and investor relations, Mr. Thompson said. He replaces Joe Gill, who left the firm which manages asset-backed and mortgage-backed securities for institutional investors in North America about a month ago to join Corbin Capital, a fund-of-funds manager. Mr. Thompson was director of marketing for JPMorgan Incubator Funds, a division of JPMorgan Asset Management that makes investments in emerging hedge funds. Information on a replacement was not available from spokeswoman Jacqueline Meere, but Mr. Thompson said that he will not be replaced because ERISA rules prevent the firms hedge fund-of-funds business from both investing pension fund money in funds and marketing those funds.
Chris Perkin joined Loomis Sayles as a vice president of institutional sales, focusing on defined contribution investment-only business, said spokeswoman Erin Heggerick. It is a new position. Mr. Perkin was an account manager in the defined contribution group at Putnam Investments. Putnam spokeswoman Nancy Fisher said Mr. Perkins responsibilities were assumed by other members of the defined contribution team.
Warren Mulhern was hired as vice president of the institutional division at ICON Advisors, where he will be responsible for sales, confirmed spokeswoman Cynthia Crossland. The $5.6 billion firm runs the ICON family of mutual funds and separate accounts. Mr. Mulhern replaces Stephen Cheek; Ms. Crossland could not provide details of Mr. Cheeks departure. Mr. Mulhern was vice president and senior consultant at Advest, a retail brokerage firm, where he consulted to a number of defined benefit plans in New England. Robert Fraleigh, spokesman at Advest, did not return a request for comment before press time.
Dan Darfler and Kathleen Dunlap were both named as director, defined contribution adviser, at AllianceBernstein Institutional Investments, confirmed Tracey Belko, a spokeswoman. The positions are new. Both Mr. Darfler and Ms. Dunlap will report to Sharon French, managing director, defined contribution business development and client relations. Mr. Darfler was vice president of institutional sales at JPMorgan Retirement Plan Services; a call to Jackie Meere, a JPMorgan spokeswoman, was not returned. Ms. Dunlap has been an independent consultant to the investment management industry since 2002, Ms. Belko said.
Jay Strohmaier was named senior vice president of institutional account sales at Advantus Capital Management, confirmed spokeswoman Margaret Jensen. He replaces Kirsten Burton, who joined Evergreen Investments in January. Mr. Strohmaier will report to Christopher Sebald, senior vice president and lead total return portfolio manager. Mr. Strohmaier was senior vice president and portfolio manager at Peregrine Capital Management. David Lunt, chief compliance officer, at Peregrine, did not return a call seeking comment.
Robert dePalma was named senior managing director of the client services and business development team at Third Avenue Management. The position is new, said spokeswoman Bridget Smith. Mr. dePalma will work with endowments and foundations, she added. He was a vice president in the private client services business at TCW Group. Michael Utley, TCW spokesman, was not immediately available to offer details on Mr. dePalmas replacement.
Katherine Rabin was named CEO of Glass Lewis, an investment research and proxy-voting advisory firm. She replaces Greg Taxin, who will join the firms parent company, Xinhua Finance, assisting with strategic business development initiatives in investment research; further information was not available at press time. Ms. Rabin was senior vice president-marketing and client services at Glass Lewis and will continue to handle those duties for now, said Bayley Diamond, spokeswoman. No decision has been made on how she will be replaced.
Scott DeFife will join the Securities Industry and Financial Markets Association as senior managing director, government affairs, in early May, spokesman Travis Larson said. It is a new position. Mr. DeFife will share responsibility for SIFMAs legislative strategy with Richard Hunt, who is a senior managing director, government affairs, Mr. Larson said. Mr. Hunt was former senior policy adviser to House Majority Leader Steny Hoyer, D-Md.
Gerald Cole was named special counsel and director of research at benefits consulting firm Cheiron, said Jed Torres, marketing assistant. It is new position. Mr. Cole will report to Gene Kalwarski, president and chief executive officer of the company. Mr. Cole was special counsel, employer benefits research, at Milliman. He has not yet been replaced, said a Milliman spokesman.
Andrew Skirton, former co-CEO of BGI, who left in 2005, was appointed non-executive chairman of Gartmore Investment Managements advisory board, spokeswoman Kimberley Robinson confirmed. The part-time position is new. Mr. Skirton is also a director of Gartmore and chairs the firms audit committee. He joined the Barclays Group in 1989 and was co-CEO of BGI alongside Blake Grossman, who was named sole CEO in 2005.
Christianna Wood, senior investment officer of the $241.1 billion California Public Employees Retirement System, Sacramento, joined the advisory board of Governance for Owners, a proxy research and advocacy firm, according to a GO statement. CalPERS is an investor in Governance for Owners Group and also has a $200 million investment in the GO European Focus Fund, the GO statement said. Bruno Allmendinger was also named to the advisory board. Mr. Allmendinger stepped down March 1 as CFO of Sulzer Ltd., Winterthur, Switzerland, as he plans to retire June 1. He was a trustee of its pension fund. The advisory board brings together senior professionals with a range of skills pertinent to our investment analysis and engagements with companies, Peter Butler, Governance for Owners CEO, said in the statement.