George N. Patterson has been named the new CIO of QMA, a multiasset and quantitative equity boutique that is a subsidiary of $1.3 trillion money manager PGIM.
Mr. Patterson, who was previously the firm's co-head of quantitative equities, takes over the CIO role from Roy D. Henriksson, who will leave the firm in October after more than eight years as chief investment officer, QMA announced in a news release Monday.
The role change for Mr. Patterson, who joined QMA in October 2017, comes as part of a restructuring that will focus on the firm's core equity business and further expand its ESG and customized solutions, the news release said.
Under the restructuring, Stacie L. Mintz, managing director and head of equity portfolio management, will be promoted to co-head of the quantitative equities team, alongside existing co-head Peter Xu, who is also a managing director. Additionally, Gavin Smith, a managing director and senior portfolio manager, will take on additional responsibility as head of equity research, the release said.
Ms. Mintz and Mr. Smith will report to Mr. Patterson.
"Our clients always come first, and we do not shy away from difficult short-term decisions that will improve our long-term standing," said Andrew Dyson, chairman and CEO, in the release.
"We have been concerned that QMA's equity portfolio performance in the last 2½ years has been an outlier vs. our 25-year history of delivering alpha for clients. Though we maintain strong long-term conviction in our models, after carefully scrutinizing all aspects of our investment process, we found it necessary to restructure our portfolio management team," Mr. Dyson added.
QMA had about $90.8 billion in assets under management as of March 31.
A PGIM spokesman declined to provide further information.