Jeremy Baskin was named global CEO of AXA Rosenberg Investment Management, replacing Stephane Prunet, who is leaving as part of a management shake-up.
The change is detailed in a letter sent to clients Wednesday obtained by P&I Daily. Mr. Baskin will take the post on Jan. 1, but will be a member of the board of directors effective immediately.
Also, Will Jump, senior research director at AXA Rosenberg, was named chief investment officer at the firm; he replaces William Ricks, who announced his resignation on Nov. 16.
Mr. Prunet will remain an adviser to AXA Investment Managers, parent of AXA Rosenberg, according to the letter.
Mr. Baskin was head of active equity management at Northern Trust Global Investments. He was replaced by Matt Peron, who was a senior vice president and head of equity research at NTGI, according to company spokesman John O'Connell. A new head of equity research will be named soon, Mr. O'Connell said.
Separately, Anna Chefter was named chief risk officer, a new position. Ms. Chefter was a risk officer at investment firm Fortress Drawbridge Liquid Markets. Fortress spokesman Gordon Runte said Stuart H. Bohart, president of Fortress Drawbridge Liquid Markets, will serve as acting chief risk officer while a search is made for a permanent replacement for Ms. Chefter.
AXA Rosenberg has seen its assets under management plunge following the company's notification to clients on April 15 that an error in the computer code in its mathematical-driven investment process went undetected for more than two years.
In June, AXA Rosenberg forced out its chairman and founder, Barr Rosenberg, and Research Director Thomas Mead. An outside review had concluded that the two failed to notify top management at the firm when they were told of the coding error a year earlier.
The client letter, signed by Dominique Carrel-Billiard, CEO of AXA Investment Managers, said the management changes will strengthen AXA Rosenberg.
“We believe that these changes will only help enhance the robustness of our investment process and the value we bring to our clients,” Mr. Carrel-Billard wrote.
The letter also discloses that the distribution and support functions of XXA Rosenberg will be integrated into the operations of parent AXA Investment Managers. Mr. Carrel-Billard said under the new structure, investment and research operations will remain dedicated to AXA Rosenberg.
It was unclear what will happen to distribution and other support personnel at AXA Rosenberg.
Company officials were not available for further comment.