SAN FRANCISCO -- David M. Perry has resigned as president and CEO of Certus Asset Advisors, and is considering opening an alternative investments firm.
Mr. Perry was a co-founder of Certus in 1983, along with Robert McCormish, executive vice president. Mr. McCormish will take over Mr. Perry's roles.
"You know when it's time," Mr. Perry said of his decision to leave his day-to-day duties. He will serve as an adviser to Certus while he debates creating a new firm managing alternative investment strategies.
San Francisco-based Certus is a stable value manager with 33 clients and $5 billion in defined contribution assets under management. Mr. Perry and Mr. McCormish sold Certus to Mellon Bank Corp., Pittsburgh, in 1995.
Mr. Perry said if he starts a new firm, he might enlist the help of Mellon.
"The idea of having a percentage of assets invested in products and strategies that don't correlate with the S&P and Dow Jones is prudent," Mr. Perry said. "I think institutions and consultants to institutions are acknowledging that with more fervor than in the past."
Francis Antin, chief executive officer of The Boston Co. Asset Management, Boston, another Mellon subsidiary, will become chairman of the Certus board of directors.
"Rob McCormish and Frank Antin will provide the expertise and leadership necessary to ensure that Certus continues to grow and provide clients with first-rate stable value asset management," said Ronald P. O'Hanley, head of Mellon Global Asset Management.
Certus manages about $25 million for the $145 million defined contribution plan of Fox Inc., Beverly Hills, Calif. "We don't anticipate any changes" because of Mr. Perry's resignation, said Lynn Franzoi, Fox's senior vice president of benefits.
Mr. Perry will continue to work with Mellon's Dreyfus Corp. and Global Asset Management to develop 401(k) and alternative investment products and services, Mr. O'Hanley said.