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August 09, 2010 01:00 AM

People: Arledge tapped to run BNY Mellon unit

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    Curtis Arledge, BlackRock's fixed-income chief investment officer, was named head of BNY Mellon's asset management unit, filling a role left vacant by the departure of Ronald O'Hanley, Bloomberg reports.

    Mr. Arledge is scheduled to join BNY Mellon in the fourth quarter and will report to CEO Robert P. Kelly, the bank said Aug. 4 in a statement. Rick Rieder will replace Mr. Arledge as chief investment officer of BlackRock's fixed-income unit, according to a separate statement from BlackRock.

    Mitchell Harris, interim co-head of BNY Mellon's asset management unit, will stay on and report to Mr. Arledge, according to the statement.

    BNY Mellon began the search for a leader of its $1 trillion investment unit after Mr. O'Hanley was picked as the president of asset management at Fidelity Investments two months ago.

    Mr. Rieder joined BlackRock last year after the firm took over the management of R3 Capital Management, a hedge fund specializing in fixed-income. He will report to Peter Fisher, the head of the fixed-income unit and previously the U.S. Treasury's undersecretary of domestic finance.


    Jonathan Little, vice chairman and interim co-head of BNY Mellon Asset Management, is leaving to join Kedge Capital with a mandate to build a global asset management business for that London-based alternatives-focused firm.

    Mr. Little will become CEO of Kedge Capital's new global asset management business. He's being brought in to build by acquisitions of small- and medium-size investment management firms as well as liftouts of fund management teams, according to a Kedge Capital news release.


    Kenneth Frier was named chief investment officer of Stanford Management Co., which manages $14.5 billion in assets for Stanford University, Palo Alto, Calif.

    Mr. Frier, currently CIO at Hewlett-Packard Co., Palo Alto, wrote in an e-mail to Pensions & Investments that he will start at Stanford in September.

    Gretchen Tai, director of investments at Hewlett-Packard, will replace Mr. Frier as CIO upon his departure in September. She will oversee HP's $30 billion in worldwide retirement assets.

    In a statement issued by Stanford, Mr. Frier said he was "'thrilled” to be returning to the university, where he had earned his MBA in 2004.

    John Powers, president and CEO of Stanford Management, said in the news release that Mr. Frier is credited with being one of the first CIOs of corporate plans to shift assets at a key time. Mr. Frier moved HP's assets entirely out of public equities near the stock market peak in 2007 and into fixed-income assets with an interest rate swaps overlay.

    Mr. Powers said he was excited to work with Mr. Frier.

    Mr. Frier will oversee investment strategy at Stanford Management. He will be responsible for the university's merged pool of investment assets.

    Mr. Frier has been CIO at Hewlett-Packard since 2007.

    The CIO post at Stanford Management had been vacant since 2008 when Eric Upin left for venture capital firm Sequoia Capital.


    Michael G. Trotsky was named executive director of the $42.6 billion Massachusetts Pension Reserves Investment Management Board, Boston, effective Aug. 18. The board unanimously approved Mr. Trotsky at a meeting Aug. 3.

    He replaces Michael Travaglini, who resigned June 11 to become managing director of hedge fund-of-funds firm Grosvenor Capital Management.

    Karen Gershman, PRIM's chief operating officer, had been the early favorite to succeed Mr. Travaglini, but at the Aug. 3 meeting, it was revealed that she had withdrawn her name from consideration for personal reasons.

    Mr. Trotsky is executive director of the $325 million Massachusetts Health Care Security Trust Fund. Gregory R. Mennis, chairman of the security trust fund's board, couldn't immediately be reached for information on plans to replace Mr. Trotsky.


    Stuart Bohart is joining Fortress Investment Group as president of liquid markets and senior managing director-strategy, confirmed spokesman Gordon E. Runte.

    The position is new.

    Mr. Bohart will be responsible for all non-investment activities of the firm's liquid markets business, according to a news release from Fortress. With his arrival, Michael Novogratz and Adam Levinson, co-chief investment officers of Fortress' macro funds, as well as commodities funds CIO William Callanan will be able to focus “exclusively on investments,” the release said.

    Mr. Bohart had been co-head of Morgan Stanley Investment Management; he left there in mid-June.


    Marc A. Schwartz was named chief investment officer of the $3 billion Broad Foundations, effective Aug. 9, confirmed spokeswoman Karen Denne.

    He succeeds Peter Adamson, who left April 1 to become CIO for the personal and foundation assets of talk-show host Oprah Winfrey.

    Mr. Schwartz will work directly with Eli Broad, the foundations' founder, and will help manage the portfolios of the foundations as well as the Broad family.

    Mr. Schwartz was managing director, principal and vice president of Reservoir Capital Group. A Reservoir spokesman could not be reached for comment.


    Sharon E. Fay was promoted to chief investment officer of equities at AllianceBernstein, confirmed company spokesman John Meyers.

    The new position combines Ms. Fay's previous duties as head of value equities with the post of head of growth equities, Mr. Meyers said in a telephone interview.

    Lisa A. Shalett, former head of growth equities, was named CIO of Merrill Lynch Global Wealth Management and head of investment management and guidance, according to a news release from Bank of America Merrill Lynch.


    Catherine Walker was named acting CEO of the $4.8 billion Alameda County Employees' Retirement Association, Oakland, according to a letter to retirement system officials obtained by Pensions & Investments.

    Ms. Walker, the system's assistant CEO, replaces Charles Conrad, who is taking a personal leave of absence, according to a letter sent on May 21 by Tammi Young, Ms. Walker's executive assistant, to the system's board and other system officials.

    In separate e-mails last month, Marguerite M. Malloy, the system's associate counsel, said Mr. Conrad announced his intention to retire in January and the board expected to hire a consultant to begin a search for a new CEO.

    However, Ms. Malloy also stated that Mr. Conrad had not retired. It is unclear when Mr. Conrad's personal leave will end.

    Ms. Walker and Ms. Malloy have not responded to requests for more information. Mr. Conrad was unavailable for comment.


    North Dakota State Investment Board, Bismarck, has posted its search for a chief investment officer/executive director on the website of the National Council on Teacher Retirement.

    The successful candidate will manage a staff of 16 and report to the 11-member board. All assets are managed by external investment managers, according to the job posting.

    The board oversees the teachers' and public employees' retirement funds, with a combined $3 billion.

    For more information, contact Brittney K. Friesell, an associate with executive search firm EFL Associates, at 720-200-7045 or by e-mail at [email protected]

    Stephen Cochrane, the board's previous executive director and CIO, died April 10 of an apparent suicide.

    LeRoy Gilbertson is interim executive director and CIO. Mr. Gilbertson was director of the $21 billion Arizona State Retirement System, Phoenix; he retired from the system in 2003.


    Patrick Thomson was named managing director and global head of sovereign clients at J.P. Morgan Asset Management in London, according to spokeswoman Jane Drew. The position is new.

    Mr. Thomson was global head of client development at Ivy Asset Management. He will not be replaced; his responsibilities will be absorbed by other team members, a spokesman said. Ivy is being closed by parent BNY Mellon Asset Management.



    William Van Harlow was named director, investment retirement solutions, at Putnam Investments.

    The position is new.

    Mr. Harlow will focus on developing new products and services aimed at limiting investment risk, according to spokeswoman Laura McNamara.

    He will report directly to Jeffrey L. Knight, managing director and head of global asset allocation, but will also work closely with Jeffrey R. Carney, senior managing director and head of marketing, products and retirement, and a number of other teams within the company.

    Mr. Harlow has been a full-time consultant at Putnam for the past year or so, Ms. McNamara said.

    Before coming to Putnam, Mr. Harlow worked for 17 years at Fidelity Investments through 2008, most recently as a managing director, strategic new business development.


    Laurence H. Lebowitz will become president and chief investment officer of The Investment Fund for Foundations on Sept. 16.

    He replaces David A. Salem, TIFF's founding president and CIO, who is reducing his day-to-day duties. Mr. Salem will serve as an adviser to the firm and will remain president of the TIFF Educational Foundation, which offers investment training to endowment and foundation trustees, said Paul Horvitz, a TIFF spokesman.

    Mr. Lebowitz was chairman and managing director of alternative investment manager HBK Capital Management until his retirement at the end of 2009.

    TIFF manages $8.5 billion in mutual funds and other investment vehicles using a manager-of-managers format for a client base of about 750 U.S. endowments and foundations, Mr. Horvitz said.



    Australian Reward Investment Alliance, trustee for A$16 billion (US$14.46 billion) of Australian government employees' superannuation assets, will search for a new CEO following the incumbent's decision to return to money management, according to I&T News, Sydney.

    CEO Lochiel Crafter will leave ARIA around September. Peter Carrigy-Ryan, chief operating officer, will be interim CEO while a replacement is sought.

    Mr. Crafter would not say where he was going, only that he would “turn up somewhere,” and that he would remain based in Australia.


    Joseph Stabnick was named director of marketing at New York Life Retirement Plan Services, overseeing its adviser and plan sponsor marketing efforts, including branding, advertising and public relations.

    The position is new, confirmed spokeswoman Sarah Lazarus.

    He succeeds Wendy Wong, who was promoted to chief of staff for John Siciliano, senior managing director and CEO of investment boutiques at New York Life Investments.

    Mr. Stabnick was vice president of global marketing at Pyramis Global Advisors. Steve Austin, a spokesman for Pyramis parent Fidelity Investments, said in a telephone interview that the company has no announcement concerning Mr. Stabnick's previous position.

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