Daniel Cardell was named president and CIO at Wayne Hummer Asset Management and Todd Doersch was named head of product management. Both positions are new. Mr. Cardell was director of equities at Weiss, Peck & Greer and director of equities at the Bank of America. Mr. Doersch was founder of hedge fund firm Cognitive Investment Management. Thomas Zidar, chairman at Wayne Hummer, said the firm is considering buying the hedge fund firm. The two will help develop new products targeting institutional investors as well as the firms traditional high-net-worth clients, said Mr. Cardell in an interview. He said the firm will first offer some quantitative, traditional long-only products but eventually will develop a flagship hedge fund and a 130/30 strategy.