Leave extended for leader of Quebec fund

Caisse de Depot et Placement du Quebec, Montreal, extended until Jan. 5 the medical leave of absence for Richard Guay, president and CEO, confirmed spokesman Maxime Chagnon.

Mr. Guay, who has been on leave since Nov. 12, had been expected to return to work Dec. 10. Mr. Chagnon did not disclose details about Mr. Guay's condition, but Chairman Pierre Brunet said in November that Mr. Guay had suffered from exhaustion.

Fernand Perreault, executive vice president of real estate at the C$155.4 billion (US$120.7 billion) Caisse, is handling Mr. Guay's duties during his absence.

Jennifer Young, president of INTECH Investment Management, was named co-CEO, sharing duties with company co-founder Robert A. Garvey, and Adrian Banner, senior investment officer, was named co-CIO to serve with E. Robert Fernholz, a company co-founder.

Ms. Young and Mr. Banner will take the new posts on Jan. 1.

Previously, Messrs. Garvey and Fernholz had held the CEO and CIO posts individually. The promotions are part of INTECH's executive succession planning.

Spokesman James Aber said it has not been determined if Ms. Young will retain her duties as president.

Barbara Novick, a founder of BlackRock, a vice chairman, head of the firm's business development, marketing and client service group, will become senior adviser to the office of the chairman, effective sometime in February.

In a memo to employees Dec. 8, Laurence D. Fink, BlackRock's chairman and CEO, said Ms. Novick's desire to give up her operating responsibilities and spend more time with her family was behind the move, and she will remain involved in key business areas at BlackRock such as “M&A opportunities, senior client interactions, conferences and industry issues.”

Ms. Novick said in an interview that while “spending time with the family” has taken on cliche status, “sometimes it's actually true.”

After two decades of working “24/7 ... I wanted to change the balance,” she said, adding that giving up her operational duties will allow her to spend more time on parts of her job she enjoys, including doing industry conferences and spending time working with clients solving problems.

Rob Fairbairn, vice chairman and BlackRock's London-based head of international business, will succeed Ms. Novick as head of the account management group, which oversees business development, marketing and client service. Mr. Fairbairn, who came to BlackRock when that firm absorbed Merrill Lynch Investment Managers in 2006, will relocate to New York.

Rich Kushel, BlackRock's New York-based managing director and head of international institutional business, will, in turn, succeed Mr. Fairbairn as vice chairman and head of international, relocating to London in February. Andrew Dyson, another MLIM veteran who has served as managing director and head of BlackRock's Europe, Middle East and Africa institutional business, will take on Mr. Kushel's role as head of international institutional business as well.

Mr. Fink noted that other key positions remain unchanged, with Rob Capaldi continuing as head of U.S. institutional business; Frank Porcelli continuing as head of the U.S. retail business; James Charrington as head of international retail business; and Simon Mendelson managing director and as COO and head of the account management group for cash management.

Otherwise, Mr. Fink announced that, effective immediately, Chuck Clarvit, the head of BlackRock Alternative Advisors' product specialist group, has been elevated to co-head of BlackRock Alternative Advisors, joining Bryan White. David Mullane, a managing director with BlackRock Alternative Advisors, has succeeded Mr. Clarvit as head of the product specialist group.

BlackRock had $1.26 trillion in assets under management as of Sept. 30.

Michael Corasaniti was named president and CIO of Pequot Capital Management, confirmed spokesman Jonathan Gasthalter. The positions are new. Mr. Corasaniti will keep his current positions as director of research and co-portfolio manager of the firm's core hedge funds with Chairman Art Samberg.

Pequot manages $5.5 billion in hedge fund assets.

Clark Winter was named CIO at SK Capital Partners, a new buyout firm, confirmed Chris Tofalli, SK Capital spokesman.

Mr. Winter was a managing director and director of portfolio strategy in private wealth management at Goldman Sachs.

Ion Bogdaneris, head of AIG Investments' European alternative investments business, is no longer with the firm, a source at the firm confirmed. He had joined AIG Investments in 2006. The source would not say if Mr. Bogdaneris' departure was part of a wave of layoffs reported at the firm and would not comment further.

“A careful evaluation of resources and expenses to ensure that the business reflects current and future realities has resulted in the need to scale down AIG Investments' global work force. While this is a difficult and sensitive decision, it does allow the company to operate in a more disciplined manner in order to maximize enterprise value,” according to a statement from AIG.

AIG Investments managed $676 billion in assets and had 2,100 employees as of Sept. 30, according to its website.

John Dugenske was named managing director and head of fixed income-U.S. and Canada at UBS Global Asset Management, effective Jan. 5, said spokesman Kris Kagel.

Mr. Dugenske will be based in Chicago and will assume oversight of North American fixed-income strategies from John A. Penicook Jr., who was co-head of global fixed income along with Rob Gambi. Mr. Gambi became the sole head of UBS' global fixed-income investment operations, Mr. Kagel said. Mr. Penicook is leaving UBS in the next few months; his plans are not known.

Mr. Dugenske was managing director and head of European and Middle East fixed income at Neuberger Investment Management, formerly Lehman Asset Management, based in London. The European liquidity unit he worked for is in the process of being closed, so he will not be replaced, said spokesman Randall B. Whitestone

Andrew Lutz was named managing director at alternative investment firm Vision Capital Advisors, confirmed spokeswoman Monica Everett.

In this new position, Mr. Lutz will head fixed-income investments and report to co-founders Adam Benowitz and Randy Cohen.

Mr. Lutz was president and CEO of Susquehanna Fixed Income, and president of Susquehanna Structured Products, both subsidiaries of Susquehanna International Group, a securities trading and investment firm.

Susquehanna spokeswoman Gina-Marie DeRaimo did not return calls by press time seeking information on Mr. Lutz's replacement.

Geoffrey J. Craddock was named senior vice president and director of risk management and asset allocation at OppenheimerFunds, overseeing fixed-income and equity portfolio risk management, spokesman Andrew Healy confirmed.

It is a new position, Mr. Healy said. He reports to Kurt Wolfgruber, OppenheimerFunds president and CIO.

Mr. Craddock was senior vice president and head of market risk management for the Canadian Imperial Bank of Commerce.

Robert A. Taylor was named co-portfolio manager of the $2.8 billion Oakmark International fund, effective Jan. 28, according to a news release by the fund's adviser, Harris Associates.

Mr. Taylor, a partner at the firm as well as director of international research and portfolio manager of the $1.4 billion Oakmark Global fund, joins the international fund's current manager and CIO of international equities, David Herro.

Ali Erdem was named senior vice president for investment management at quantitative equity firm Ten Asset Management, according to spokesman John Flynn. It is a new position.

He was European long/short portfolio manager at Algert Coldiron Investors. Efforts to reach Algert Coldiron were unsuccessful.