W. Frank Koster will join Dwight Asset Management on June 15 as CIO.
Laura Dagan, Dwight chairman and CEO, said in a telephone interview that hiring Mr. Koster will allow Dwight to move forward with succession plans put in place 18 months ago, when David Thompson, who took on the CIO role in 2001, was named president as well.
Mr. Thompson will become president and CEO effective July 1, with Ms. Dagan continuing as chairman of the board.
Mr. Koster had been senior portfolio manager and co-head of taxable fixed income at Wells Capital Management as well as a lead manager on investment-grade portfolios and structured products.
Wells Capital spokeswoman Debbie Tippett confirmed that Mr. Koster will be leaving but declined to comment on plans to replace him.
Mr. Thompson cited Mr. Kosters experience with structured products such as mortgage-backed securities as one area where the new CIO can help Dwight further develop a business thats been an important part of what we do.