Charles E.F. Millard will be nominated by President Bush to be director of the PBGC, according to a White House announcement. Mr. Millard is managing director of Broadway Partners, a private real estate investment and management firm in New York. If confirmed by the Senate, Mr. Millard will succeed Vince Snowbarger, who has been the PBGC’s interim director since Bradley Belt stepped down in May 2006.
The president also will nominate Bradford P. Campbell as assistant secretary of the Department of Labor. Mr. Campbell is acting assistant secretary and head of the Employee Benefits Security Administration after Ann Combs stepped down from the post in October.
Pamela Peedin was named Boston University’s first chief investment officer, according to a news release. She will start May 14 and will be managing the investment of the $1 billion endowment. A call to university spokesman Colin Riley was not returned.
Ms. Peedin was managing principal and investment consultant at Cambridge Associates. Her responsibilities will be assumed by other consultants at the firm, said spokeswoman Carin Warner.
Eric Henry was named executive director of the Texas Municipal Retirement System, Austin, according to the $14 billion retirement fund’s website. He replaces Gary Anderson, who retired in October. Mr. Henry is executive director of the $30 billion Pennsylvania State Employees’ Retirement System, Harrisburg; he will leave on June 6, said PennSERS spokesman Robert Gentzel. The system will begin a national search for Mr. Henry’s replacement upon his departure, and the system’s board will discuss hiring a recruiter at its June 6 meeting. Leonard Knepp, director of audit reporting and compliance, will assume the executive director’s responsibilities on an interim basis.
Bruce Zimmerman was named president, chief executive officer and CIO of the University of Texas Investment Management Co., Austin, confirmed spokesman Anthony de Bruyn. Mr. Zimmerman will take over in July. He replaces Bob Boldt, who resigned in September as the head of the management company, which oversees roughly $21 billion in endowment assets for University of Texas System. Executive recruiting firm Spencer Stuart led the search.
Mr. Zimmerman is the global head of pension investments for Citigroup, where he oversees $10.834 billion in pension assets and $11.122 billion in defined contribution assets, according to Pensions & Investments’ annual directory of the top 200 retirement plans. Mr. Zimmerman will assist Citigroup in finding his replacement before taking his new post at UTIMCO, said Valerie Hendy, Citigroup spokeswoman.
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 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. Cook’s responsibilities will be taken over by Edward Von Sauers, managing director, CIO and head of liquidity management. Mr. Barrett’s 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 firm’s business development. His responsibilities have been assumed by existing members of the firm’s marketing team, according to a spokeswoman for the firm.
Mark On was named senior vice president and CIO of international equity for American Century Investments, confirmed spokeswoman Jami Schaefer. He will oversee investment teams responsible for about $9 billion in assets under management and will be co-portfolio manager of the firm’s emerging markets strategy. He reports to Enrique Chang, executive vice president and CIO. Mr. On replaces Mr. Chang, who was promoted when Mark Mallon retired this year.
Mr. On was Asia Pacific CIO and managing director of AXA Rosenberg; he was replaced by Kevin Chen, said spokeswoman Jennifer Morgan. Mr. Chen was deputy CIO for the Americas at AXA.
