Justine Peddle was promoted to retirement and financial portfolio manager at United Parcel Service Inc., Atlanta.
She succeeds Mary Ann Tweddle who will retire at the end of December after more than 37 years at UPS.
Ms. Peddle has worked for UPS since 2000, most recently as controller for health care; she will assume her new post in January. In an interview, she said the controller's job will not be filled, and her duties will be assumed by other employees.
UPS has two 401(k) plans. The salaried employees' plan had $4.2 billion in assets and the union employees' plan, $5.3 billion, both as of Sept. 30.
Timothy Jon “T.J.” Carlson was named chief investment officer of the $13.9 billion Kentucky Retirement Systems, Frankfort, confirmed Robert M. Burnside, executive director.
Mr. Carlson succeeds Adam Tosh, who resigned in July to become managing director, investment solutions at Rogerscasey. Brent Aldridge, KRS director of alternative assets, served as interim CIO.
Mr. Carlson most recently served as a principal at Hewitt EnnisKnupp. Hank Hakewill, a Hewitt EnnisKnupp spokesman, could not be reached for comment on a replacement.
Los Angeles City Employees' Retirement System
Los Angeles City Employees' Retirement System began advertising for a new general manager to replace Sally Choi, who resigned from the $10 billion system on Oct. 15 to become administrative director of the $5.5 billion Motion Picture Industry Pension and Health Plans, Studio City, Calif.
The salary range is $153,447 to $230,035. Interested candidates should submit a resume detailing applicable background and work experience, a cover letter of interest, and three work-related professional references (include name, job title, affiliation and telephone number) to: Los Angeles Personnel Department, Executive Recruitment, 700 E. Temple St., Room 100, Los Angeles, CA 90012; or e-mail [email protected] Interested parties should direct questions to Charlette R. Starkey at (213) 473-9393.
Tom Moutes, assistant general manager, is the interim general manager. The system did not hire an executive search firm and is handling the search internally.
New Zealand Superannuation Fund
Keith Poore will join the NZ$18 billion (US$13.47 billion) New Zealand Superannuation Fund, Auckland, as head of asset allocation, according to Investment Magazine, Sydney.
Sources said Mr. Poore, head of investment strategy at AXA Global Investors, will move to the fund early in January.
A fund spokesman declined to confirm whether Mr. Poore had joined the organization; however, he said any such appointment would not be a direct replacement for Tore Hayward, who left the fund earlier this year.
Mr. Hayward, formerly the fund's general manager-portfolio research, moved to a similar role at the NZ$13 billion Accident Compensation Corporation fund, Wellington. Neil Williams, then head of public markets, filled Mr. Hayward's role in the interim.
Jason Wong, former AMP Capital head of investment strategy, replaced Mr. Poore at AXA Global Investors.
New York Life Retirement Plan Services
David Castellani was named senior managing director and head of New York Life Retirement Plan Services, effective Dec. 13, confirmed spokeswoman Sarah Lazarus.
Mr. Castellani will handle some of the management responsibilities of Drew Lawton, who last month was promoted to CEO of traditional investments at New York Life Investments, according to a news release. Mr. Lawton will remain CEO of New York Life Retirement Plan Services.
Mr. Castellani was managing director and chief marketing officer at wealth management firm EWM, according to the firm's website.
Black Capital Management
Sean Simon joined Black Capital Management as president on Dec. 1, confirmed CEO Gary Black.
The position is a new one at the firm launched by Mr. Black, former Janus Capital CEO, in late 2009 to pursue business opportunities focused on the convergence of hedge funds and long-only mutual funds.
Mr. Simon was CEO of Ivy Asset Management until last January, shortly before parent company BNY Mellon Asset Management decided to wind down its hedge-fund-of-funds affiliate.
An e-mail Mr. Black sent out Nov. 29 to his contacts in the industry, obtained by P&I Daily, said Mr. Simon “will be responsible for business strategy, marketing and operations.” The firm's products — the first of which could be launched at the start of 2011 — are expected to include hedge funds, mutual funds, separately managed accounts and active ETFs, according to the e-mail.
Paul McCulley, managing director, portfolio manager and a member of PIMCO's committee of top-ranked investment managers, will retire from a 27-year career in money management to join a think tank, according to Bloomberg.
Mr. McCulley will leave at year end and take time off before becoming a public speaker, researcher and writer at the Global Interdependence Center, according to a letter sent to clients Dec. 2 by Bill Gross and Mohamed El-Erian, co-chief investment officers, a copy of which was obtained by Bloomberg News. The non-profit center says its aim is to expand “global dialogue” and free trade.
Best known for his analysis and monthly commentaries on central banks and monetary policy, Mr. McCulley last month defended Federal Reserve Chairman Ben S. Bernanke's decision to try to stimulate the U.S. economy by buying debt in a strategy known as quantitative easing.
Mr. McCulley is part of the 10-member committee that sets Pacific Investment Management Co.'s investment strategy, and leads PIMCO's short-term bond desk. He oversees funds that invest in bonds with short durations, including the $11.6 billion PIMCO Short-Term Fund and the $517 million PIMCO Money Market Fund.
In a filing with the SEC Dec. 3, PIMCO said Jerome Schneider, an executive vice president, will take over the Short-Term and Money Market funds. He is the deputy head of the firm's money-market and funding desk.
Edge Asset Management
It is a new position, Mr. Lackey said.
Mr. Rybakov's hiring marks Edge's entry into international equity management, according to an Edge news release.
Mr. Rybakov was an international equities portfolio manager for Pacific Income Advisers. Robin Campbell, a Pacific Income Advisers spokeswoman, could not be reached for comment about the vacated position.
J.P. Morgan Asset Management
Michael Falcon was hired as managing director and head of retirement in the U.S. and Canada for J.P. Morgan Asset Management.
It is a new position; he will start in January and report to George Gatch, CEO of J.P. Morgan Investment Management Americas.
Mr. Falcon in an interview described his role as reviewing all aspects of J.P. Morgan's investment services from wealth management to banking to see how their retirement components can be enhanced. “Connecting the dots is a great way to describe it,” he said. “There are a lot of parts (within J.P. Morgan) where retirement is a big — if not the top — priority.”
Mr. Falcon is president at Samuel Bennett Inc., a New York financial media and consulting firm; he will be leaving the firm in December. From 2000 to 2008, he was a senior executive in Merrill Lynch's wealth management business, where he ran the retirement group providing service to individuals, corporations and financial advisers, the J.P. Morgan news release said.