People Moves

Summary Of Executive Moves In Global Wealth Management - October 2013

11 November 2013

Summary Of Executive Moves In Global Wealth Management - October 2013

Cornerstone Real Estate Advisers brought in Pamela Boneham from Deutsche Asset & Wealth Management as a portfolio manager for one of its largest separate accounts.

Boneham joined Cornerstone on October 21. She helps with Cornerstone’s business development activities. Boneham has spent the last 16 years as a portfolio manager and managing director for Deutsche Asset & Wealth Management - formerly known as RREEF - where she was lead portfolio manager for several public and corporate pension fund separate accounts.

Pacific Trust Bank and The Private Bank of California, subsidiaries of Banc of California, merged into a single entity named Banc of California. Pacific Trust Bank completed its previously-announced sale of eight legacy branches in San Diego, Riverside and Los Angeles counties to AmericanWest Bank, a Washington state chartered bank.

Aviva Investors Americas hired Jeff Jones as a high yield trader in Chicago, IL.

Jones joined Aviva Investors from Tejas Securities Group, with over 10 years of experience in the investment industry. He previously traded high yield bonds at FBR Capital Markets, Barclays Capital, and worked as an analyst at Goldman Sachs.

Opus Capital Management, the Cincinnati, OH, employee-owned investment management firm, added Nathan Bishop as a portfolio manager within its wealth management team. Bishop was latterly chief investment officer and senior portfolio manager at Haberer Registered Investment Advisor.

Investcorp appointed Lionel Erdely as head of hedge funds and chief investment officer in New York. Erdely joined from Lyxor Asset Management, a subsidiary of Societe Generale Group, where he served as chief investment officer since 2004 and chief executive of Lyxor since 2009. In his new role at Investcorp, Erdely oversees the New York hedge fund group’s strategic direction and investment decisions, as well as managing day-to-day operations. He also serves as a member of the firm’s management committee.

Babson Capital Management, the global asset management firm, brought in Ricardo Adrogue and Brigitte Posch to lead the firm’s new emerging market debt investment team, based in Boston, MA, and London, respectively. Adrogue joined from Cabezon Investment Group, where he was an emerging market fixed income portfolio manager. Posch joined Babson Capital from PIMCO, where she was executive vice president and head of emerging market corporates. In their new roles, Adrogue heads the team and oversees portfolio management activities for sovereign and local currency strategies, while Posch heads up portfolio management activities for all emerging market corporate debt strategies.

Chicago, IL-based HighTower, the advisor-owned firm, named its chief operating officer, Michael LaMena, as president. LaMena succeeds Drew Kornreich, who HighTower said has moved into an advisor role focusing on corporate finance and strategic M&A activities, while retaining his equity stake in the company.

LaMena has been COO since 2011 and will retain this position alongside his new role as president.

This move is one of several executive team changes the firm has made. For example, Michael Parker is now national director of HighTower’s enterprise development and relationship management unit, overseeing business and advisor development initiatives; Mike Papedis is national director of business development; and Matthew Camden is now chief of staff, serving as a liaison between executive management and departments across the firm.

First Financial Trust & Asset Management Company hired Bradley Brown as senior vice president, based in Orange, TX, until the firm opens a new office in Beaumont next spring. Brown has been a principal of accounting firm Edgar, Kiker & Cross since 1991.

RBC Wealth Management added The Resin Hammitt Group to its Manhattan Beach, CA, office. Philip Hammitt and Jonathan Resin joined RBC from Merrill Lynch and have a combined 40 years of experience in the financial services industry. In New York, RBC Wealth Management appointed Ira Mark and Michael Berger as senior vice presidents and financial advisors in Midtown. They have 22 and 14 years of industry experience respectively. Nadira Ramnarain, senior registered client associate; Michael Carlin, registered client associate; and Jessica Laurino, registered client associate, also joined.

PENSCO Trust Company, an alternative asset custodian, appointed Eileen Loustau as head of marketing. Loustau, with more than 20 years’ marketing experience, most recently served at BlackRock as global head of social media, where she was responsible for building its social media program. In her new role, Loustau is responsible for PENSCO's marketing and communications strategy. 

Richard Bernstein Advisors, an investment firm founded in 2010 by former Merrill Lynch chief investment strategist Rich Bernstein, hired Terry Ober as a regional investment specialist covering the Northeastern part of the US. John McCombe, president of RBA, said that Ober works closely with the firm’s “key partners” - Eaton Vance and First Trust - on portfolio positioning across various asset allocation and equity strategies. Ober was previously regional vice president for ING US Investment Management.  

Independent financial advisors Romaine Macomb and Theresa Donatelli joined LPL Financial’s Northstar Wealth Partners office. In their move to Northstar, they were joined by retirement plan coordinator, Ellie Kasimir.

Lincoln Financial Network, the retail wealth management affiliate of Lincoln Financial Group, appointed Gene Mulligan - latterly of Merrill Lynch - as senior vice president for investment products and platform. Mulligan leads LFN’s wealth management platform, including its managed account strategy, products and operations. Mulligan is formerly of Merrill Lynch Global Investment Solutions, where he was a managing director as well as head of business strategy and development for the Merrill Lynch global investment and advisory platforms. The move comes after Bill Fortner was appointed in June as managing director of Lincoln Financial Advisors to lead the Pacific regional planning group.

Palm Beach, FL-based Chilton Trust Company, a trust company and wealth management firm, hired three senior wealth management professionals.

Harry Grand is the firm’s new senior vice president and head of client relations; David Hamar joined as senior vice president and head of wealth advisory services; and Benjamin Brewster is a senior client relations advisor. Grand oversees all relationship management activities for clients and is a member of the external managers investment committee. Before joining the firm, Grand served as a senior vice president and relationship manager at Lazard Wealth Management, where he was responsible for investment policy formation, asset allocation and client relationship management.

Hamar oversees wealth advisory services and coordinates family office services for various clients. He was previously a managing director, portfolio manager, co-chairman of family office services and director of global tax services at Silvercrest Asset Management. Brewster serves as a senior client relations advisor to US clients and works on the firm's strategic initiatives. Brewster has over 25 years of experience in the industry, having previously served as a managing director at Silvercrest Asset Management. Along with these hires, Chilton Trust also announced that senior vice president John Rau has assumed the position of head of fiduciary services and oversees all fiduciary and trust-related services for the firm. 

Executive recruiter Laura Pollock launched Third Street Partners, a New York City-based executive search firm specializing in the investment management sector.

Pollock was latterly a partner at David Barrett Partners. David Schumer joined Third Street Partners as a principal from David Barrett Partners, where he was a consultant.

Wellesley, MA-based Robert Norberg joined Weston Financial, a division of Washington Trust Wealth Management, as vice president and business development officer. Norberg joined Washington Trust after 18 years at Fidelity Investments, where he most recently served as vice president of client service operations and process improvement for Fidelity’s stock plan services business.

In his new role, Norberg oversees Weston’s corporate relationships and helps companies develop financial planning programs for executives.  

Lia Yaffar-Pena, president at ES Financial Services, the brokerage unit of Miami, FL-based Espirito Santo Bank, left the firm to “pursue other interests”. Yaffar-Pena was also senior vice president and head of the bank’s wealth management division. Lionel Baugh was brought in as president of the brokerage when Yaffar-Pena announced her departure. Baugh joined from Global Strategic Investments, where he worked from 2009 until 2012 as president and chief executive.

HD Vest, the independent broker-dealer focused on tax and financial planning, named Ruth Papazian as chief marketing officer and head of recruiting, and appointed Adi Garg as chief information officer. Specifically, Papazian oversees HD Vest’s advisor recruiting and marketing communication activities. She has over 30 years of experience serving in these types of role, having latterly been executive vice president and chief marketing officer for LPL Financial. Meanwhile, Garg was most recently vice president for Cash America, where he led strategy and infrastructure operations.

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