Alan Greenhorn has resigned as quantitative investment director at State Street Global Advisors U.K., London.
David Miller, managing director at State Street, said Mr. Greenhorn left for a combination of personal and style differences. Mr. Greenhorn "essentially ran a small boutique at Hill Samuel" Investment Management before joining the firm, and, thus, was used to a different corporate culture, he said.
Mr. Miller said Mr. Greenhorn's departure will have no effect on State Street's Factor Rotation and Earnings Disciplines product - a quantitative equity product that was based on Hill Samuel's Added Value Management product.
Mr. Miller said Mr. Greenhorn has had "very little to do with FRED, on a day-to-day basis." Rather, State Street's new product team, which now is led by Steven Joynson, who had followed Mr. Greenhorn to State Street from Hill, Samuel in October 1992, developed the product.
Mr. Greenhorn confirmed he was not involved in FRED's daily operations and that his departure was for style reasons. He said he is talking with two money managers about possible jobs.
Performance figures for the AVM product, a quantitative product developed by Mr. Greenhorn and his team when he was at Hill, Samuel, are being scrutinized by the Investment Management Regulatory Organisation, a British self-regulatory group (Pensions & Investments, Dec. 13).