Margo Cook was named senior managing director and head of the institutional business at Bear Stearns Asset Management, and James Barrett will be senior managing director and global head of sales, a new position, said Bear Stearns spokeswoman Jane Slater. Both executives came from BNY Asset Management; Ms. Cook was executive vice president, CIO and head of institutional asset management, and Mr. Barrett was managing director of institutional sales and marketing.
Ms. Cook replaces Michael Guarasci Sr., who left the firm Friday to pursue entrepreneurial opportunities, Ms. Slater said.
BNY Asset parent Bank of New York is integrating its asset management business with Mellon Financial, which it agreed to acquire at the end of last year. Both Ms. Cook and Mr. Barrett were offered senior positions within the asset management business of the combined companies, said Bank of New York spokesman Kevin Heine. Ms. Cooks responsibilities will be taken over by Edward Von Sauers, managing director, CIO and head of liquidity management. Mr. Barretts responsibilities will be assumed by Michael Harrington, vice president of institutional asset management sales.
Separately, Bill Best was hired as senior managing director and head of global hedge fund sales at Bear Stearns. He was a managing director at VegaPlus Capital Partners now Proxima Alfa Investments where he led the firms business development. His responsibilities have been assumed by existing members of the firms marketing team, according to a spokeswoman for the firm.