(updated with correction)
Powell Thurston joined Western Asset Management as head of advisory services. The position is new, formalizing an ongoing push by the company to offer investment consulting services to clients, confirmed spokeswoman Mary Athridge.
Mr. Thurston will help clients address “complex issues related to fixed-income instruments and derivatives,” according to a news release issued Friday. He joins Western from Pacific Investment Management, where — according to the news release — he was senior vice president, business development, structured finance advisory. PIMCO spokesman Phil Neugebauer couldn't immediately be reached for comment.
Also joining Western are Louis DiFranco and Christopher Orndorff.
Mr. DiFranco is head of insurance services, also a new position, Ms. Athridge said. He comes to Western from Bank of New York Mellon Corp., where he served as executive vice president responsible for that firm's insurance, investment management and alternative-fund client practices, according to the news release. BNY Mellon spokesman Mike Dunn didn't immediately have information on Mr. DiFranco, or possible plans to replace him.
Mr. Orndorff is a senior portfolio manager on Western's generalist team, focusing on multisector and core full-discretion portfolios. He also will be a member of the firm's U.S. broad markets committee, which sets macroeconomic strategies across U.S. portfolios. The position is new. In January, 2009, Mr. Orndorff left his previous position as a managing principal and member of the executive committee with Payden & Rygel. In a telephone interview, Mr. Orndorff said he has been managing his own investments and enjoying time with his family in the interim.