Ed Nijpels resigned as chairman of the €208 billion ($283 billion) Stichting Pensioenfonds ABP, Heerlen, Netherlands, saying he was unable to adequately carry out his job in the middle of a government investigation into his role on the supervisory board of bankrupt DSB Bank.
In a letter to the ABP board on Feb. 19, Mr. Nijpels said he cannot fulfill his duties as chairman because of “the procedures surrounding the DSB case and the resulting continuing publicity.”
Mr. Nijpels was appointed chairman of ABP only about seven months ago, and had offered to resign in October after the Dutch government began an investigation into the collapse of DSB Bank following a run on deposits.
ABP's board is searching for a replacement. According to a separate statement posted on the fund's website: “The board of ABP regrets the departure of (Mr. Nijpels) very much, but understands the decision he has made.”
ABP spokesman Hans ten Brinke could not be reached by press time for further information.
Fahlin new CIO at AP2
Hans Fahlin was named chief investment officer of the 204.3 billion Swedish kronor ($27.5 billion) AP2, Goteborg, Sweden, effective April 12, Mr. Fahlin confirmed in an e-mail.
He replaces Johan Held, who left Feb. 28 to become head of asset management at insurer AFA Forsakring, AP2 spokeswoman Ulrika Danielson said in an e-mail.
Mr. Fahlin has been a clinical research fellow at SIFR-The Institute for Financial Research and operated his own investment consulting business. Prior to that, he was global head of pension funds and regional head of the Nordic countries at Fortis Investments.
Jacksha plans to give up interim post at New Mexico State Investment Council
Bob Jacksha, interim state investment officer for the $13.5 billion New Mexico State Investment Council, Santa Fe, plans to leave in late March or early April to return to his post as chief investment officer of the $6.5 billion New Mexico Educational Retirement Board, also in Santa Fe, confirmed Charles Wollmann, the council's public information officer.
Mr. Jacksha was appointed interim state investment officer last October to replace Gary Bland, who resigned.
Last year, the council formed a search committee charged with recommending a permanent replacement who would have been appointed by Gov. Bill Richardson. However, a bill signed March 1 by Mr. Richardson makes the appointment of the state investment officer the council's responsibility.
Two vets join Fleming at Morgan Stanley Investment Management
Industry veterans Jeffrey L. Shames and Edmond N. Moriarty have joined the leadership team at Morgan Stanley's investment management business led by Gregory J. Fleming, who took the helm of Morgan Stanley Investment Management in February, said spokeswoman Erica Platt.
Mr. Shames joins as senior adviser to both MSIM and Morgan Stanley's global research division, a new position overseeing MSIM's strategy across investment management, client service and marketing.
Mr. Shames, an executive-in-residence at the MIT Sloan School of Management, was CEO and chairman of MFS Investment Management until his retirement in February 2004. In a news release, Mr. Fleming noted that he had served as an adviser to Mr. Shames at MFS, when Mr. Fleming was an investment banker at Merrill Lynch.
Mr. Moriarty joins as COO of MSIM and the parent company's global research division, overseeing all operations, including finance and risk management. The position is new.
Joanne Pace, COO at Morgan Stanley Investment Management, will report to Mr. Moriarty, Ms. Platt said.
Mr. Moriarty was co-chief risk officer at Bank of America. Bank of America spokesman Matt Card couldn't immediately provide further information on Mr. Moriarty's positions.
Queensland adds two
Michael Drew and Evan Reedman joined Queensland Investment Corp. in the firm's effort to enter the lifecycle fund market, according to Investment & Technology newspaper, Sydney.
Mr. Drew recently resigned as a member of QSuper's investment committee and Mr. Reedman was head of portfolio construction research at asset consultant JANA Investment Advisers.
The pair will lead QIC's attempt to design a lifecycle fund superior to the target-date and target-risk products seen to date. It is the first major initiative for QIC since Hazel McNeilage started as head of funds management in January.
Ms. McNeilage said QIC's work on lifecycle funds had been going on for at least three years, but would synthesize and learn from recent experiences in the U.S., where target-date funds have become the default option in most employer-sponsored 401(k) plans.
She said it was too early to speculate on the final design of a QIC lifestyle offering, including whether it would employ external managers.