Wurts picks risk management exec for outsourced CIO unit

Omer Tareen was named director of risk management for Wurts & Associates' outsourced CIO business, confirmed CEO Jeffrey MacLean.

The position is new. Mr. Tareen was head of portfolio management at Samba Capital & Investment Management in Saudi Arabia, according to a statement from Wurts. A Samba Capital spokesman couldn't immediately be reached for comment.

Wurts has built a new outsourced CIO team over the past 12 months around a core group of investment professionals who previously oversaw Redmond, Wash.-based Microsoft Corp.'s $80 billion global investment portfolio.

Mr. Tareen, who served as a group portfolio manager and market risk manager at Microsoft from late 2002 to early 2008, is the fourth veteran from the technology giant to join Wurts.

Last August, Jeffrey Scott, former assistant treasurer at Microsoft and later CIO of the $40 billion Alaska Permanent Fund Corp., joined Wurts as CIO; and Max Giolitti, formerly director of quantitative analysis with Microsoft and later director of asset allocation and risk at Alaska Permanent, became Wurts' director of risk allocation.

In October, Scott A. Day, one-time director of fixed income at Microsoft, joined Wurts as director of fixed income.