Christopher Brown was named chief investment officer for the $600 million endowment of Bucknell University, Lewisburg, Pa. It is a new position; the fund had been managed by the universitys investment committee and members of its finance department.
Bucknell is in the midst of a fund-raising campaign and an initiative to expand the universitys campus, both of which will help significantly increase its endowment, Mr. Brown said in an interview.
Mr. Brown, a 1981 graduate of Bucknell, was a senior vice president and portfolio manager for large-cap growth equities at GE Asset Management. His responsibilities have been assumed by Tom Lincoln, senior vice president and portfolio manager on the GE Assets large-cap team, said spokesman Chris Linehan.
Matthew Wright was named CIO of Vanderbilt University, Nashville, effective July 30, according to university spokesman Jim Patterson. Mr. Wright will report to Vanderbilt Chancellor Gordon Gee. He succeeds William T. Spitz, who announced his retirement last year, Mr. Spitz, who had been with the $3.4 billion endowment for 21 years, will continue teaching at Vanderbilts Owen Graduate School of Management. Mr. Wright is director of investments at the $5 billion Emory University endowment, Atlanta. Emory endowment CIO Mary Cahill was not available for comment at press time.
Nicholas Melhuish was hired as senior portfolio manager on the global equities team for UBS Global Asset Management in London, starting Oct. 1, confirmed Kris Kagel, spokesman. Mr. Melhuish was lead portfolio manager of global equities at Nicholas-Applegate Capital Management. He joined NACM in 2003 and was responsible for the global equities and global select strategies, according to the NACM website. Sue Hunter, spokeswoman at NACM, said Christopher Herrera, a portfolio manager on the global select team, will replace Mr. Melhuish. Nicholas-Applegate runs $785 million in global select strategies, she said.
UBS Global also hired a team of five portfolio managers from Nicholas-Applegate. The team, which will be based in San Diego, is led by Vincent Willyard, managing director and portfolio manager. He will report to Paul Graham, managing director and head of growth strategies at UBS Global. Mr. Willyard was a managing director and portfolio manager for Nicholas-Applegates Pacific Rim, international small-cap and all-cap strategies. Joining Mr. Willyard are Joseph Devine, named an executive director at UBS Global Asset Management, as well as directors Barry Kendall, Stephen Derkash and Stephan Maikkula. Mr. Devine was a senior vice president and portfolio manager at Nicholas-Applegate, where he ran its Pacific Rim strategy and its emerging markets strategy. Messrs. Kendall and Derkash were vice presidents and analysts, and Mr. Maikkula was an associate and analyst.
Jeffrey Lane was named chairman and CEO of Bear Stearns Asset Management, replacing Richard Marin, who will now serve as an adviser to Mr. Lane. The change in leadership at the $60 billion asset manager follows the near collapse of two BSAM hedge funds last month. Mr. Lane, who most recently was a vice chairman at Lehman Brothers, was brought on board to help restore investor confidence in BSAM and move the firm forward, according to a statement from James Cayne, chairman and CEO of the Bear Stearns Cos.
Mr. Lane, in an interview, said the company has taken steps to address the issues facing two of its hedge funds, the High Grade Structured Credit Fund and the High Grade Structured Credit Enhanced Leverage Fund.
My first obligation is to fix what is broken, said Mr. Lane, who added that the remainder of Bear Stearns money management business is stable. It is a problem that is being dealt with by some very smart people at both the Bear Stearns company and asset management levels. ... No company goes through life without some issues along the way.
Mr. Lane, in addition to serving as a vice chairman at Lehman, has also served as chairman of the companys investment management division, co-head of asset management and chairman of Neuberger Berman. Randall Whitestone, spokesman for Lehman, could not be reached for details on Mr. Lanes replacement.