Eugene Flood Jr., CEO of Smith Breeden Associates, is leaving in May to join TIAA-CREF as executive vice president of its new diversified financial services division.
Michael J. Giarla, chairman of Smith Breeden, will become that company’s CEO as well, effective immediately.
In a telephone interview, Mr. Giarla described Mr. Flood’s departure as “amicable,” and said he remains a Smith Breeden shareholder.
Even with overall assets under management declining as clients allocated away from U.S. mortgage-focused strategies during the financial crisis, recent growth for Smith Breeden’s more opportunistic strategies made 2010 one of the most profitable the firm has ever enjoyed, said Mr. Giarla.
