William Ricks, chief investment officer of AXA Rosenberg Investment Management, tendered his resignation, according to several sources who asked not to be identified.
Mr. Ricks gave his notice Nov. 15, according to the sources.
He will remain at the quantitative investment firm until a replacement is named, said one of the sources. “He is committed to an orderly transition,” the source said.
Mr. Ricks did not return repeated phone calls seeking comment, nor did Stephane Prunet, AXA Rosenberg"s global CEO or other officials at AXA Rosenberg.
AXA Rosenberg has faced asset outflows since the company first notified clients in April that an error in the computer code in its mathematical-driven investment process went undetected for more than two years.
The company in June forced out its chairman and founder, Barr Rosenberg, and Research Director Thomas Mead, saying an outside review had concluded that they had failed to notify top management at the firm when they discovered the coding error a year earlier.
Assets plunged 54% to $32 billion between the client notification in April and Aug. 31, according to information from AXA Rosenberg. The company reported a slight increase in assets, up to $33 billion, as of Sept. 30.
Affinity Investment Advisors
A six-member domestic large-cap equity management team led by Gregory R. Lai, which joined Invesco as part of its purchase of Morgan Stanley Investment Management's retail business earlier this year, left to launch a new independent boutique under an old name, Affinity Investment Advisors.
In a telephone interview, Mr. Lai said the move brings Affinity full circle. Affinity had been an independent boutique from 1992 through May 2007, when it was acquired by Morgan Stanley Investment Management.
The team — comprising Mr. Lai as lead portfolio manager; Jeffrey L. Randolph as COO; Jordan Floriani, Stephen Pelensky and Michael Petrino as portfolio managers; and Emmy Chang, as senior analyst — remains intact, Mr. Lai said.
While praising both MSIM and Invesco for the resources and support those firms provided to the team, Mr. Lai said Affinity will look to remain independent.
Although his team was included in the sale of MSIM's retail business to Invesco, Mr. Lai said institutional clients accounted for the bulk of the money Affinity team was managing.
According to the firm's August ADV filing with the SEC, Affinity Investment Advisors has about $600 million in assets under management.
Invesco spokesman David Bachert confirmed that Mr. Lai's team has left Invesco. He declined to provide further details.
UAW Retiree Medical Benefit Trust
Meredith Miller was named corporate governance officer at the $48 billion UAW Retiree Medical Benefit Trust, Ann Arbor, Mich.
The position is new.
In a telephone interview, Ms. Miller said she will be responsible for developing and implementing a corporate governance strategy for the voluntary employee beneficiary association.
Ms. Miller was assistant treasurer for policy in the Connecticut state treasurer's office, whose policy responsibilities included the $22.3 billion Connecticut Retirement Plans and Trust Funds, Hartford.
Christine Shaw, spokeswoman for the treasurer's office, said the position has not been filled; she declined to provide further information.
Gary Gabriel joined Wilshire Private Markets as managing director responsible for the Asia-Pacific region and will head the firm's office in Canberra, Australia.
He had been head of private markets for Australia's A$69 billion (US$67.7 billion) Future Fund, Melbourne, according to Investment magazine, Sydney.
A Future Fund spokesman said no decision on a replacement for Mr. Gabriel had yet been made.
New York Life
Drew Lawton, CEO of New York Life Retirement Plan Services, was given the additional title of CEO of traditional investments, confirmed spokesman John Puccio.
In that new role, Mr. Lawton will assume oversight of the traditional investment boutiques in New York Life Investment Management's multiboutique lineup: MacKay Shields, Institutional Capital and McMorgan & Co.
Yie-Hsin Hung joined NYLIM as CEO of alternative investments, assuming oversight of the group's private equity boutique, New York Life Capital Partners, in addition to overseeing alternative product development and marketing across the enterprise. The position is new
Ms. Hung comes to NYLIM from Bridgewater Associates, where she served as a management committee adviser. Bridgewater spokesman Alexei Nabarro couldn't immediately be reached for comment.
The positions taken by Mr. Lawton and Ms. Hung effectively absorb the responsibilities previously held by John C. Siciliano, who left as a senior managing director and CEO of investment boutiques with NYLIM at the end of October.
Finally, John Grady was named NYLIM's CFO. He assumes those responsibilities from interim CFO Dan Andriola, who is resuming his previous role as a managing director and comptroller at NYLIM, overseeing all financial operations-related activities.
Previously, Mr. Grady oversaw the treasury department as well as the mergers and acquisitions area at New York Life.
Western Asset Management
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 Ath-ridge.
Mr. Thurston will help clients address “complex issues related to fixed-income instruments and derivatives,” according to a news release issued Nov. 19. 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.
Jennifer B. McHugh was named acting director of the SEC's division of investment management, confirmed John Heine, an agency spokesman.
She replaces Andrew J. “Buddy” Donohue, who stepped down earlier this month.
Ms. McHugh is currently a senior adviser in Chairwoman Mary L. Schapiro's office, and she will return to that position after a permanent successor to Mr. Donohue is named.
Mr. Donohue has not announced his plans, Mr. Heine said.
Wilson Leech was named CEO for Northern Trust's Europe, Middle East and Africa region, company spokesman John O'Connell confirmed.
Mr. Leech is replacing Biff Bowman, who was named head of Americas for Northern Trust corporate and institutional services, the company's asset servicing business, effective at the end of this month.
Mr. Bowman is replacing Lee Selander, who is retiring after 33 years in that position.
Mr. Leech was head of the company's global fund services business, a position he held since 2004. The division provides asset servicing and money management solutions and services to institutional and ultra-high-net-worth clients across the EMEA region.
Peter Cherecwich, Chicago-based COO of corporate and institutional services, was named head of global fund services, assuming Mr. Leech's duties. He will maintain his responsibilities with corporate and institutional services.
Mark Brandreth was named co-head of research with Schroders' quantitative equity products global equities team, said Jamie Dorrien-Smith, CEO, Schroders Americas.
The London-based position is new. He will join Sydney-based David Philpotts as co-head of research. Mr. Philpotts previously was the lone head of research.
Mr. Brandreth was a managing director in BlackRock's scientific active equities group. BlackRock spokeswoman Lauren Trengrove would not say whether Mr. Brandreth would be replaced.
Separately, Schroders on Nov. 16 announced the launch of the Schroders QEP Global Quality Fund, a growth equity offering for institutional investors in North America, Mr. Dorrien-Smith said.
The offering will be the first available to North American institutional investors from the firm's quantitative equity products team, which currently manages roughly $17 billion in assets, combining quantitative analysis and traditional stock picking, he said.
Michael Clarke joined Mesirow Financial as a senior managing director and head of real estate in Europe. The London-based position is new.
Mr. Clarke will head the institutional real estate group's European practice and focus on its global initiatives through the firm's multimanager business, according to a spokeswoman.
In a telephone interview, Mr. Clarke said he closed down Indirect Real Estate Consulting — the London-based firm he launched after leaving his position as head of property product at Schroder Property Investment Management in June — to join Mesirow.