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Executive Moves December 2008
Rachel Walsh
5 January 2009
The following moves took were reported in December 2008.
The nephew of Bruno Schroder, the billionaire controlling shareholder of the Schroders fund management group which includes a private banking business, was promoted to the main board in a boardroom shakeup. Philip Mallinckrodt was promoted to the board in recognition of his success in transforming the group's private banking division, Schroders said in a statement. Stephen Brooks, the finance director, is leaving the company and will be succeeded by Kevin Parry, who is a Schroders non-executive director and audit committee chairman. Affiliated Managers Group, a Boston-based asset management company appointed Gordon Hogarth as managing director in charge of European distribution at its
Mr Hogarth's appointment follows the opening of AMG's
Andrew Buchanan and Rebecca Chambers were appointed to strengthen Close’s offshore investment management capability and work alongside the existing investment specialists. Mr Buchanan rejoined Close as senior portfolio manager after a spell at Coutts in
Two further appointments focused on relationship management and client service. Mohamed Baluchi and Andrew Tattersall take up senior manager roles within the investment management division. Hal Catherwood took up leadership of the
Mr Algeo, previous head of the
Longbridge Search & Selection, the recruitment company with offices in the
UK-based private bank Coutts appointed two private bankers to its new team in Cheltenham in the west of
The appointees were Charlotte Ellison and Phil Needham, who joined from HBOS and NatWest Private Banking respectively. The Coutts Cheltenham office in
In September, Mr Ratcliff joined Matrix from Collingham Capital Management where he was a partner and senior portfolio manager; his team is now in place. Three senior analytic and investment staff report to him. Bechara Madi, head of macro and chief economist was previously a senior EMEA and European economist at Morgan Stanley before moving to North Asset Management as partner and head of macro and quantitative research. Justine Lee, head of operational due diligence, spent the last six years as head of operational due diligence, fund of hedge funds, for First State Investments. In addition, there are two research and investment analysts: Christopher Clarke and Angela Brown will support the team, as well as a marketing and sales department of fifteen professionals. Laven Partners, the
UniCredit-owned Pioneer Investments made two senior additions to its
In this newly-created role, Mr Burton is responsible for further strengthening the relationships with investment consultants in the
Cecilia Wilson, who joined as client director, works closely with the institutional client servicing team to formulate a client servicing strategy for
Carlton Partners, the
Adrian Kyriazi had worked at HSBC for almost 20 years, most recently in the London-listed bank’s private banking operation in
The wealth management division of
Mr Bailey joined from US-based Fisher Wealth. As part of his business brief, Mr Bailey looks at the financial planning needs of Collins Stewart’s wealth management clients, Neil Darke, head of wealth management, told WealthBriefing. Architas, the multi-manager investment company which is part of the AXA Group, further expanded its team with a number of appointments. Anna O’Donoghue took up the role of senior investment analyst, coming from F&C Asset Management, along with Steve Allen, Evelyn Olusanya and Quentin De Bottini who join as investment analysts. Mr Allen and Ms Olusanya joined from Morgan Stanley and First Company Financial respectively, while Mr de Bottini previously held positions with Hewitt Associates and Reuters. In addition, Kieron McLoughlin, who has previously worked for M&G Investments and Skandia, and David Tasker, who was formerly with Selestia Investments, took up sales manager roles. The chairman of the
David Lipsey stepped down as chairman of the Financial Services Consumer Panel, part of the Financial Services Authority. The FSA said his replacement will be announced in due course. North America
Mr Kraus joined AllianceBernstein from Merrill Lynch, where he held the position of head of global strategy, in addition to being a member of the management committee. His previous roles also include head of the investment management division and head of firm-wide strategy at Goldman Sachs. UBS Wealth Management US appointed Brad Smithy from Merrill Lynch & Co as an executive director and a market area manager. Mr Smithy will work with John Matthews, the firm's Atlantic regional manager, and with other senior management based in
Mr Smithy joins UBS in January. He worked at Merrill Lynch for more than 15 years. Mr Smithy was most recently the complex director for Merrill Lynch in
Former Lehman Brothers wealth management subsidiary Neuberger Berman's mutual funds named Tom Seip, an independent board member, as non-executive chairman and Robert Conti as chief executive officer. The pair succeeded Peter Sundman, who is leaving the firm. Mr Seip, a private investor, has been a member of the funds' boards since 2000 and lead independent board member since 2006. Mr Conti has been an employee of Neuberger Berman since 1980. During that time, he has held a variety of positions in connection with Neuberger Berman's mutual funds business. He most recently served as an executive vice president of the funds and is a managing director of Neuberger Berman. Johnson Illington Advisors named former Goldman Sachs executive Daniel Nolan as managing director. He is responsible, with chairman and chief executive Hugh Johnson, for developing strategy for the growth of the
The hire was part of a succession plan, although Mr Johnson has no immediate intention of retiring. Mr Nolan joined from NPV Capital, a private equity and real estate investment firm that he formed in July 2007. Prior to that, he was a partner in the Ayco Co, a Saratoga Springs-based subsidiary of Goldman Sachs. Stanford Financial Group formed an institutional consulting business to serve high net worth individuals and institutions in areas such as foundations, retirement planning, education and healthcare. The new unit, based in
SIC is led by veteran financial advisor Christopher Aitken, in the role of executive managing director and senior investment consultant, and by Stephen Thacker, managing director and investment consultant. Other financial professionals on the team include Dawn Pfaff, senior analyst; Timothy Truss, senior analyst; Danyelle Berger, senior analyst; Ayaz Hasan, analyst; Shari Serafin, operations manager; Teri Houp, portfolio administration and Karen Doggett, senior portfolio administrator. Prior to joining Stanford Institutional Consulting, Mr Aitken was managing director for Citi-Smith Barney Institutional Consulting. Mr Thacker also joined the company from Citi-Smith Barney Institutional Consulting where he worked for the past 16 years. City National Bank hired Michael Dowling as senior vice president and manager for its personal trust division. He oversees all personal trust division activities at City National, including all account administration for trust clients in
Mr Dowling joined from US Trust, Bank of
Kohlberg Kravis Roberts, the
The new business division is to called KKR Asset Management, the firm said in a statement. The KKR Fixed Income business unit is part of the new asset management operation. Under the change, Mr Sonneborn succeeded Saturnino Fanlo, who is chief executive of KFI, KKR Financial Holdings and KKR Strategic Capital Management, and David Netjes, chief operating officer of KFI, KFN and SCF, who are both leaving the firm. Prior to joining KKR, Mr Sonneborn was chief operating officer of The TCW Group, an investment management firm with over $130 billion in assets.
Wells Fargo named Jay Welker, the head of its wealth-management group, as the president of the combined group, reported the Winston-Salem Journal, citing a memorandum sent by a senior Wells Fargo executive. Old Mutual Asset Management hired Sanford Brown as director of alternative investments. Mr Brown reports to Keith McRedmond, director of global investment services. Mr Brown is responsible for client service, business development and marketing of Old Mutual Asset Management's alternative investment capabilities. Mr Brown joined Old Mutual Asset Management from Deutsche Bank Absolute Return Strategies, where he was vice president and head of hedge fund distribution. Previously, he was regional vice president at GAM, the London-based investment manager.
Ms Heller joined Slayton from Whitney Group, where she was the leader of its North American asset management practice. US Trust, Bank of America Private Wealth Management confirmed its new head to replace the outgoing president, as the firm’s parent continues with its $50 billion takeover of Merrill Lynch. A Bank of America spokesman said that Keith Banks, president of Bank of America’s Global Wealth & Investment Management division, was to assume day-to-day leadership of US Trust, effective immediately, taking over from Frances Aldrich Sevilla-Sacasa, US Trust president, who has left the firm. Ms Sevilla-Sacasa left to “pursue other opportunities,” a spokesman for the company said, but he did not elaborate on her plans. After the Bank of America takeover of Merrill Lynch went through on 30 December, Mr Banks became head of Global Private Client, Institutional and Investment management. Reporting to Mr Banks are the following US Trust leadership team members, including: Mick Ankrom, credit and banking executive, Doug DiVirgilio, Southeast division executive, Chris Hyzy, investment strategies executive, which now includes wealth structuring and specialty asset management, Ann Limberg, Northeast division executive, which includes the combined Metro-Atlantic and New England divisions, Tim Maloney, Central division executive, Thong Nguyen, Fiduciary Solutions executive, and Tracey Warson, West division executive. After the BoA/Merrill transaction was completed and Mr Banks became head of global private client, institutional and investment management, the following individuals now report to Mr Banks: Steve Bodurtha, head of Institutional Retirement & Philanthropy, Mike Jones, who continues to serve as president of Columbia Management, David Bailin, head of alternative investments asset management, and Dick Silverman, business development executive. Bob McCann, vice chairman and president of Merrill Lynch Global Wealth Management, is the new head of Merrill Lynch Global Wealth Advisors, working alongside Mr Banks. As a result of the combination of these two
UBS Wealth Management US added 132 financial advisors who managed $14 billion in client assets as the firm continues to beef up its recruiting efforts amid brokerage industry turmoil. Kathleen Murphy, chief executive of ING US Wealth Management, joins Boston-based Fidelity Investments in a role that she will start in January 2009. ING also announced new chief executives for three of the four parts of the realigned
International professional services firm Maitland hired Magda Embury as partner, and Bernadette Carey and Angelina Whiteman as associates in its
Ms Embury most recently headed the property and banking department at law firm Solomon Harris in Cayman and joins Maitland as head of its finance and local business group in the
Ms Carey joined from Henry Davis York in
Ms Whiteman joined from McMillan LLP in
Lloyds TSB International Private Banking saw the loss of around twenty private bankers who were based in
CorrectNet, a
Two senior industry executives joined the management team. CorrectNet added Peter Lennon as senior vice president of project management. Lennon joined from Lehman Brothers where he was the VP Project Manager across several business groups. Previously, he was with Bank of
CorrectNet also announced the appointment of Bridget Piraino as director of marketing and alliances. Ms Piraino has led marketing strategies for global organizations in the financial services technology industry including AssetControl, SeeBeyond, TIBCO and Sybase. Gerald Corrigan, a former president of the Federal Reserve Bank of
Two former executives from Fidelity Investments resigned to join Boston-based Putnam Investments. The moves continued an effort by president and chief executive of Putnam, Robert Reynolds, himself a former Fidelity executive, to strengthen Putnam’s senior management team. Clare Richer and Andra Bolotin joined the firm as senior managing director and chief financial officer, and managing director and controller, respectively, Putnam said in a statement. Ms Richer held a series of positions at Fidelity, including chief financial officer, from 2005 to 2007. Most recently, she served as executive vice president of Fidelity management and research. Deutsche Bank denied a report in German weekly Die Zeit quoting unidentified sources to the effect that its chief executive Josef Ackermann – who is Swiss - would consider moving back to
"Mr Ackermann is not considering giving up the post of chief executive of Deutsche Bank," the spokesman said, pointing out that Ackermann's contract runs to 2010. Zurich-based Vontobel Holding announced the departure of three members of its board of directors, while also naming three candidates who will be proposed for election next year. Hans Caspar von der Crone and Heinrich Wegmann resigned, while Heinz Roth will not stand for re-election for personal reasons, the Swiss firm said. Vontobel will propose three new members for election to the board at its general shareholder meeting on 28 April 2009: Ann-Kristin Achleitner, research director at the Technical University Munich, Frank Schnewlin, former chief executive of the Bâloise Group, and Philipp Cottier, former chief executive of Harcourt Investment Consulting. Bank of
Mr Penseyres heads the fund selection and alternative investments division. At Bedrock, he was managing partner and co-portfolio manager of two funds of hedge funds and a large book of advisory mandates for ultra high net worth individuals. In 2001, Mr Penseyres joined Darier Hentsch before its merger with Lombard Odier. Prior to that, he set up the alternative investments marketing, sales and advisory platform for Union Bancaire Privée in
Mr Haenni heads the research and portfolio management within the fund selection and alternative investments division of BOC (Suisse) Fund Management. At Bedrock, he was a managing partner, as well as head of research and portfolio management. He was a portfolio manager of two fund of hedge funds, as well as tailor-made portfolios designed for UHNW individuals and based on proprietary multi-dimensional models that he developed over the last 15 years. Prior to Bedrock, Mr Haenni was a senior qualitative and quantitative analyst at Pictet & Cie's hedge fund department. He was also the manager of the Asian multi-strategy fund of hedge funds and managed tailor-made portfolios of hedge funds. Mr Salomon acts as operations manager of the fund selection and Alternative Investments division of BOC (Suisse) Fund Management. Prior to joining Bedrock Alternative Asset Management in
Swiss private bank Julius Baer opened a branch in
Mr Inhelder was joined by three relationship managers from the region: Adriano Trivella, Marco Kleger and Fredy della Torre. The team offers specially tailored private banking services to Swiss and international clients in
The Swiss-listed bank has opened a number of offices, such as an investment advisory office in
Alex Widmer, the chief executive of Swiss private bank Julius Baer, sadly died unexpectedly at the age of 52, the bank said. T Rowe Price appointed Josef Bossi as a senior business development executive focused on
Mr Bossi joined from State Street Global Advisors where he had been a managing director for the past four years, before which he was head of marketing and sales. Andrew Marks, head of business development for the EMEA southern region, said the hire was a visible and long-term commitment to the Swiss market.
SG Private Banking appointed Xavier Denis as economist and strategist. He is an addition to the investment team headed by Hervé Plista, SGPB’s global chief investment officer. Mr Denis helps determine the economic scenario used to define the firm’s investment strategy, working with SG Asset Management’s strategy and economic research department headed by Michala Marcussen. As spokesman for the private bank’s investment committee, he is responsible for communicating this strategy inside SGPB as well as to clients. Dexia Asset Management began reorganising its management team at the end of the year. Hugo Lasat and Naïm Abou- Jaoudé were appointed president and vice president respectively of Dexia Asset Management’s executive committee. As chairman, Mr Lasat replaced Mr Abou- Jaoudé, who was previously head of the commitee. Mr Abou- Jaoudé has also been head of alternative management at Dexia Asset Management for two years, a role he maintains. Mr Lasat was president of the executive committee on one previous occasion, from September 2001 to December 2005. In January 2006 he took over as head of private client services, retail and private banking and asset management services. Mourant strengthened its recently-opened
SG Private Banking, the wealth management arm of Société Générale Group, appointed a team of three senior private bankers dedicated to ultra high net worth clients in
The team will is led by Miltos Karlos, who has the role of deputy general manager. Together with Nadia Iglezi as commercial director and Séverine Drevet as senior private banker, Mr Karlos will be responsible for building, developing and maintaining client relationships with UHNW individuals in Greece. The team reports to François Farjallah, managing director and chief executive of SG Private Banking in
Mr Karlos, Ms Iglezi and Ms Drevet joined SG Private Banking from BNP Paribas Private Bank, where they held similar positions. Mr Karlos was most recently deputy chief executive of BNP Paribas Private Bank in
Having occupied a number of positions within the firm's private banking division, Ms Iglezi’s was most recently deputy private banking manager at BNP Paribas Private Bank
Ms Drevet’s latest role was senior relationship manager at BNP Paribas Private Bank in
UAE’s National Bank of Abu Dhabi appointed Zeki Muderrisoglu as an associate fund manager to further strengthen its asset management arm. Prior to joining NBAD’s asset management group, Mr Muderrisoglu was a technical analysis instructor at the Smartline Investment Training Institute in
Swiss private bank Julius Baer appointed Jean-Marc Suter as head of its
Mr Suter joined Julius Baer from UBS, where he was the senior representative at its
Barings Asset Management confirmed that its head of Japanese equities, Joji Maki, is to depart the firm by mid-2009 as a result of the team’s relocation to
The head of the wealth management unit of Edelweiss Securities resigned his post. Subsequent to the departure of Anurag Mehrotra, the unit is thought to be being led by Naresh Kothari, a director at Edelweiss Securities. Mr Mehrotra is reported to have said that he has yet to take a decision on his next role. Jason Brand, president of Merrill Lynch’s Asia-Pacific operations, is leaving the firm, two people familiar with the matter said. Mr Brand, who’s based in
Bank of America, the third-largest
French bank BNP Paribas named Serge Forti as its new Asia-Pacific chief executive and said it will increase headcount at its
The appointment of Mr Forti follows the move of former Asia-Pacific head Michel Longhini to lead the bank’s Wealth Management International business line. Mr Forti said that despite global economic uncertainty, BNP Paribas will push ahead with large-scale hiring plans for its Singaporean wealth management unit, increasing headcount from 300 to 500 employees by the end of 2009. Of the new appointees, Mr Forti said that about 30 will be senior relationship managers, each of whom will bring with them at least $200 million in assets. EMP Global, a Washington-based private equity house that specialises in emerging markets, has named Chung Min Pang and Samir Soota as managing directors of its Asian operation. EMP recently announced it was to join the BMB Group, after the alternative assets manager acquired a majority share of the company. Chung Min Pang will be responsible for the Greater China region and will be a member of EMP Daiwa’s Investment Committee. He will also support BMB’s activities in
Citi named managing director Christopher Gammons as its head of private equity banking in
Mr Laskowski remains a Citigroup private equity banker, handling deals for mid-western based buyout firms and hedge funds. Australian financial group Macquarie appointed Bryan Shepherd to its
Mr Shepherd specialises in providing investment and strategy advice to wealthy private investors. Joining Macquarie from the Bank of New Zealand where he was a private banker, Mr Shepherd also spent 12 years with Guardian Trust in
The chief executive of BT Financial Group, Rob Coombe, announced executive appointments to the combined wealth management team formed by the St George Bank and Westpac Banking Group merger, according to media reports. Geoff Lloyd, the chief executive of Asgard, will become the general manager of advice and private banking. Gai McGrath became the general manager of customer service, while John Shuttleworth, Tony Forward, Mark Smith, David Lees, John Frechtling and Shenaz Khan are the general managers of superannuation and investment solutions, technology, insurance, wealth transformation, finance and risk, and people, respectively. BT also announced appointments to its advice and private banking business, including Mark Spiers, head of BT Advice, Jan Swinhoe, head of Westpac private banking, and David Hewitt, head of St George private clients. Bettina Pidcock was appointed head of marketing, brand and communication in the super and investments business. The heads of practice management, business performance and channel marketing, and the head of dealer groups and licensee select have not yet been announced. International
Ms Kochhar is currently joint managing director and chief financial officer. She will replace KV Kamath at
City veteran Bob Wigley, the current Europe, Middle East and
Mr Wigley joined Merrill Lynch in 1996 to help spearhead the development of Merrill Lynch's European investment banking business, advising on many of the firm's largest European transactions. He became co-head of corporate broking in 2000, co-head of