Dimensional Fund Advisors has appointed Steve Clark, formerly head of portfolio management, as head of the North American Institutional group. He replaces Dave Schneider, who is retiring by the end of the year.
Clark will be replaced as portfolio management head by both Joe Chi and Jed Fogdall.
As portfolio head, Clark oversaw Dimensional's portfolio management across domestic equity, international equity, and fixed income. According to Dimensional, Clark was involved in the design and marketing of new products and strategies and worked closely with the trading group to monitor execution costs. He is also chairman of the Investment Committee, which supervises the firm's day-to-day investments.
Clark joined Dimensional in 2001 as a general portfolio manager in US equities and became head of international equities trading in 2004. Meanwhile, Chi and Fogdall have been portfolio managers at Dimensional since 2005 and 2004, respectively.
Dimensional Fund Advisors manages over $214 billion in mutual fund assets. The firm was founded in 1981 and boasts 11 financial economists within its brain trust, including Nobel laureates Robert Merton and Myron Scholes.