Asset Allocation & Management Company (AAM) announced last week that it has hired two former Scudder Investments managing directors for its posts of president and chief investment officer.

Randall Zeller, who had been with Scudder since 1976, was named president of AAM. John Schaefer, a Scudder executive since 1988, was named chief investment officer.

"[Zeller] has 25 years' experience in the investment management industry with a focus on fixed-income securities, and he managed the Scudder fixed-income group," said Barry Hoyt, AAM CEO, in a statement. The North American Fixed Income Group that Zeller headed included all insurance, institutional and retail mutual fund portfolio management groups with $155 billion in assets under management, and was comprised of 130 people.

Schaefer most recently served Scudder as director of the Insurance Portfolio Manager Group of the North American Fixed Income Group. That unit managed approximately $82 billion in fixed-income assets for affiliated and non-affiliated insurance clients.

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