J.C. Waller III was named vice president and director of investment service at Old Mutual Capital, the retail operation of Old Mutual Asset Management, said spokeswoman Diane Green. The position is new. Mr. Waller will work with the groups 19 money management affiliates on product development and investment oversight for retail products. He was vice president of investments and director of institutional portfolio management at ICON Advisors. ICON spokeswoman Cynthia Crossland said ICON is in the process of naming a replacement for Mr. Waller as director of institutional portfolio management; his fund management duties will be assumed by other team members.