Brian S. Posner will step down as CEO and co-CIO of ClearBridge Advisors on March 31, said spokeswoman Mary Athridge. He will leave to pursue entrepreneurial activities in financial services, according to a ClearBridge news release. Mr. Posner wasn't immediately available for further comment. ClearBridge CIO Hersh Cohen and COO Terrence Murphy will assume Mr. Posner's duties temporarily and Peter L. Bain, senior executive vice president of parent company Legg Mason, will oversee ClearBridge while the firm selects a new CEO, Ms. Athridge said.
Jerry Miller was named president and CEO of Morgan Stanley subsidiary Van Kampen Investments, the company said in a news release. He replaces Michael Kiley, who announced his intention to resign from the firm to pursue other opportunities, according to the release. Mr. Miller was central division director for Morgan Stanley's global wealth management group; information on his replacement was not immediately available. Erica Platt, spokeswoman for Van Kampen, could not be reach for comment by press time.
Steve Kirschner was named director of transition management, Americas, at Russell Investments, confirmed spokesman Steve Claiborne. He replaces Brian Roberts, who earlier this month became investment officer, private equity, at the $84.8 billion Washington State Investment Board, Olympia. Mr. Kirschner will retain his duties as a senior investment strategist for the transition management team in Canada, Mr. Claiborne said.
Stephen H.D. Loizeaux was named vice president, client services at PENN Capital Management, specializing in Taft-Hartley plans, confirmed Karissa Nguyen, spokeswoman. This is a new position. He was vice president of institutional sales and client services at Prudential. Theresa Miller, Prudential spokeswoman, said it has not been determined whether Mr. Loizeaux will be replaced.
Kevin Tunick was named manager of private equity at UNC Management Co., which manages the $1.15 billion endowment of the University of North Carolina at Chapel Hill. Mr. Tunick was manager of private equity at Harvard Management Co., confirmed Harvard spokesman John Longbrake. Harvard Management handles the $28.9 billion endowment of Harvard University, Cambridge, Mass. Harvard will search for a replacement, Mr. Longbrake said. A UNC Management spokeswoman was not immediately available for additional information.
Louis P. Friedman will join hedge fund manager P. Schoenfeld Asset Management in the spring to start the company's first private equity strategy as president and managing partner, confirmed Pen Pendleton, PSAM spokesman. Mr. Friedman will help create new investment funds that will take minority positions in companies and invest in PIPES and publicly traded securities.
He is vice chairman of investment banking and global chairman of mergers & acquisitions at Bear Stearns Cos., where he won't be replaced, said spokesman Russell Sherman. This is a great opportunity for Louis, Mr. Sherman said. We look forward to participating with him in his new role in the future and explore investing in his fund and a potential prime brokerage relationship with PSAM.
Ted Wright was named managing director and chief market strategist at Endeavour Capital Advisors. The position is new, said Corinne H. James, Endeavour's director of investor relations and marketing. Mr. Wright will oversee new product development and strategic growth of the firm, which now manages $600 million in a fundamental long/short equity hedge fund, mostly for institutional investors. Mr. Wright was portfolio manager and equity strategist at hedge fund-of-funds manager Tremont Capital Management. Montieth Illingworth, a Tremont spokesman, did not have information about Mr. Wright's replacement.
Gerry Murphy is joining Blackstone Group as a senior managing director on its London private equity team, said spokesman John Ford. This is a new position, focusing on monitoring the performance of Blackstone portfolio companies in Europe and Asia. Mr. Murphy was CEO of Kingfisher, a publicly traded home improvement company. He will continue to serve as non-executive director at Reckitt Benckiser Group PLC.
James Howland will become a managing director and operating partner at Morgan Stanley Private Equity, effective in April. This is a new position, spokeswoman Marie Ali said. Mr. Howland is president at Dun & Bradstreet International. Joseph Jones, Dun & Bradstreet spokesman, could not be reached by deadline for information on Mr. Howland's successor.
Michael Kelly and Daniel Waters, both managing directors, were named co-CEOs of FrontPoint Partners, Morgan Stanley Investment Management's hedge fund unit. The CEO positions are new, part of a restructuring of FrontPoint's leadership following the promotion of Stuart Bohart, managing director, to co-head of MSIM, said a source who asked not to be identified. Mr. Bohart had been MSIM's head of alternatives, including FrontPoint Partners. Mr. Kelly will remain the team's CIO and co-portfolio manager of the FrontPoint Multi-Strategy Fund with Gil Caffray, chairman of FrontPoint and vice chairman of MSIM, according to an internal memo from Mr. Bohart obtained by P&I Daily. Mr. Waters, who also is head of MSIM's U.S. institutional advisory group, will hand over his responsibilities and that title in the next few weeks to Steve Radakovich, who joined the firm last year, according to Mr. Bohart's memo. Mr. Radakovich is co-head of the institutional advisory group's corporate, endowment and foundation team. Information about Mr. Radakovich's replacement was not available.Assets under management at FrontPoint Partners rose 70% to $9.3 billion as of Dec. 31, up from $5.5 billion at the end of 2006, according to Mr. Bohart's memo.
Olivier Sarkozy will join the Carlyle Group in April as managing director and co-head of the private equity firm's global financial services group. Mr. Sarkozy replaces Edward Ned Kelly, managing director and co-head of Carlyle's financial services team, who left in January to become president of Citi Alternative Investments, said Christopher Ullman, Carlyle spokesman. Co-heading the group with Mr. Sarkozy is David K. Zwiener, managing director. Mr. Sarkozy, half-brother of French President Nicolas Sarkozy, had been global co-head of the financial institutions group at UBS Investment Bank. John Cryan, managing director and the other global co-head of UBS' financial institutions group, will be the group's sole leader, said spokesman Doug Morris.
Daken J. Vanderburg joined Chartwell Investment Partners as a portfolio manager and director of quantitative research, said Timothy Riddle, Chartwell's CEO and managing partner. The position is new. Mr. Vanderburg will lead a new quantitative research team at Chartwell. He had been a partner and portfolio manager at Gamma Capital Advisors. Richard W. Cooper, a senior manager director with Gamma, wasn't immediately available for information on a replacement.
Joseph P. Craven joined American Century Investments as senior vice president of its institutional business, said spokeswoman Laura Kouri. He took over for Brian Jeter, chief sales and distribution officer, who was performing the duties temporarily following the departure of John Lopez in September, Ms. Kouri said. Previously, Mr. Craven was a principal with private equity firm Aquiline Investments. Executives at Aquiline weren't immediately available for comment.
Anne Hayes, Kristin Newhall and Volker Schmidt were promoted to partners at the Riverside Co., a private equity firm. The three were principals. Mr. Schmidt is based in the firm's Munich office; Ms. Hayes and Ms. Newhall are based in New York.
Mark Jermak was named small-cap portfolio manager at Argent Capital Management, confirmed spokesman Steve Houston. The small-cap portfolio is a new strategy. Mr. Jermak was vice president and portfolio manager of small-cap core investments at Kennedy Capital Management. Don Cobin is moving into that role, said Chuck Bryant, vice president of marketing at Kennedy. Mr. Cobin previously was a research analyst.
Also, Chris Redmond was named COO at Argent, another new position. He previously was vice president and managing director, investment banking, at A.G. Edwards. Mr. Redmond's duties have been assumed by other employees, said Justin Gioia, A.G. Edwards spokesman.
Dean Morris was named a portfolio manager at Cornerstone Investment Partners, and David McElroy was named director of marketing, focused on consultant relations, said Neilson Brown, a portfolio manager and partner. Both positions are new. Mr. Morris was senior director and portfolio manager at Invesco, where he supervised U.S. financial stocks on the firm's international/global equities team; he will not be replaces, said Invesco spokesman Bill Hensel. Mr. McElroy was a senior director at Invesco, responsible for marketing and consultant relations. His position will be filled, Mr. Hensel said.
William Geisler was hired as portfolio manager to lead a new emerging markets strategy team at Malbec Partners, an alternative investment management company established by Fischer Francis Trees & Watts in November. Lars Pedersen, senior research analyst, will assist. Mr. Geisler was a portfolio manager who ran the emerging markets strategy at the Amaranth Advisors, while Mr. Pedersen was a senior economist in the international capital markets department of the International Monetary Fund.
Portfolio managers Ryan Sheftel, David Horowitz and Ian McDonald were named to run Malbec's new quantitative multistrategy portfolio. Mr. Sheftel was a director at Citadel Investment Group; he is not being replaced, said Katie Spring, managing director of communications. Mr. Horowitz was managing director, portfolio manager and head of credit research at Morgan Stanley Investment Management; he left in March 2007, said spokeswoman Erica Platt. Mr. McDonald was a managing director and head of macro strategies at Goldman Sachs Asset Management. Christopher J. Williams, a Goldman Sachs spokesman, did not have information about Mr. McDonald's replacement.
Brian Crawford joined Perimeter Capital Management as a research analyst for the firm's small-cap growth equity strategy, confirmed Brad Ball, president and CEO. It's a new position. Mr. Crawford was a partner at Adams Street Partners. Kevin Callahan, partner and head of client service at Adams, did not return a call seeking information on a replacement.
Anita Krishnamoorthy was hired as a senior research analyst and co-head of the Singapore office for Third Avenue Management. The position is new. Ms. Krishnamoorthy will provide research on Asian securities products for all of the global equity firm's investment strategies. The firm manages $25 billion. Ms. Krishnamoorthy will lead the office along with portfolio manager Henry Patner, said Bridget Smith, spokeswoman. Ms. Krishnamoorthy was vice president of equity research at First Eagle Funds. Tara Hannigan, a spokeswoman for First Eagle, did not return phone calls by deadline for details on Ms. Krishnamoorthy's replacement.
Michael Herzig was named managing director at McDonnell Investment Management's New York office, confirmed spokeswoman Karen Seaman. It is a new position. Mr. Herzig will lead sales and client services for McDonnell's alternative credit strategies business unit and will help direct the manager's product development and strategy committee. Mr. Herzig was a managing director and head of U.S. CDO business at Deutsche Bank. Michele Allison, spokeswoman for Deutsche Bank, declined to comment about a replacement.
Jon Dunham was named senior vice president and head of North America asset servicing sales at Northern Trust, confirmed spokeswoman Alexis Geocaris. Mr. Dunham replaces Jeff Conover, who moved to the Northern Trust corporate risk management group in late December as senior vice president and senior compliance manager. Mr. Dunham will manage the firm's institutional sales teams in Chicago, Boston, San Francisco and Toronto; he reports to Penelope Biggs, head of worldwide asset servicing business development. Mr. Dunham was national sales and marketing director at Bank of New York Mellon Corp. Information on a replacement was not available by press time.
Keith D. Bernard was named senior vice president of sales and marketing at Pax World Funds, a new position, according to a statement from the socially responsible investment firm. Mr. Bernard, who joined Pax in February, was a vice president at Fidelity Investments, where his duties included strategic marketing in the tax-exempt markets, said Pax spokeswoman Cosabeth Bullock in an interview. Officials at Fidelity didn't respond to calls for comment by press time.
Richard Johnson was named managing director and global head of sales and marketing at Graham Capital Management, a new position. Mr. Johnson was head of institutional sales at Citi Alternative Investments. He has not yet been replaced, said Jon Diat, CAI spokesman.
Maura Murrihy joined Ennis Knupp & Associates as a principal in U.S. equity. She was a senior portfolio manager and vice president, Harris Private Bank, according to a news release. Prior to that, Ms. Murrihy was a senior adviser of valuation services consulting at BearingPoint and as an adviser to the CIO of Duff and Phelps Investment Management.
Susan Dalton and Joe Libbra joined Mercer as senior consultants based in Los Angeles and Chicago, respectively, confirmed spokesman Charles Salmans. Both positions are new. Previously, Ms. Dalton was vice president, marketing, at Mutual of America Capital Management. The company does not comment on personnel matters, a spokeswoman said. Mr. Libbra previously was a consultant at Asset Consulting Group, which is searching for his replacement, said Candice Barnett, an ACG spokeswoman.
Separately, Julian Mant was named principal at Sentinel Group, Mercer's global consulting unit specializing in investment operations, implementation and governance, confirmed spokeswoman Stephanie Poe. The position is new. Mr. Mant was formerly CFO of MKM Longboat Capital Advisors, where James Howard replaced him, said spokesman Paul Farrow.
Eugene Hsu joined Watson Wyatt Worldwide's investment consulting group in Stamford, Conn., as a private equity manager research analyst, confirmed spokesman Ed Emerman. It is a new position. Mr. Hsu was North American research manager at Dealogic in the debt capital markets group.