AMG Hires Marketing Exec
Bank of America Asset Management Group (AMG) has hired Daniel Darst to fill the newly-created position of marketing executive. AMG encompasses BofA's capital management group and private banking, trust, and retail bank brokers.
In his new position, Durst will oversee and coordinate the marketing activities of all AMG's business units as well as further develop the firm's market research capabilities.
Durst comes most recently from Citigroup Asset Management, where for the past three years he served as head of U.S. retail marketing. Since February, Durst shared the post with Peter Mastrantuono, who came from TD Waterhouse.
"His duties have been assumed by his co-head," said a Citigroup spokesman. He said that Durst's departure is unrelated to Mastrantuono's appointment.
Prior to his stint with Citigroup, Durst spent a few years as national sales manager at American Skandia.
He will now report to Richard DiMartini, president of AMG, and will work alongside the marketing teams at each of AMG's business units.
Merrill Lynch Unit Restructures
In an effort to better leverage its institutional product line, Merrill Lynch Investment Managers (MLIM) has restructured its U.S. Institutional Distribution Group, tapping Dick Hoag for a senior position, the company announced.
The group, which consists of sales, service and product professionals, is being restructured into the following four areas of focus: Large Market Corporate/Endowments, Foundations and Public Funds, Consultants, and Channels. James Kase heads the group.
In his new position with Merrill, Hoag will oversee the Large Market Corporate/ Endowments and Foundations business, which will serve all MLIM Americas institutional clients with more than $1 billion. He was most recently employed by Gartmore Global Partners, where he served as executive vice president and managing director. At Merrill, he will have the title of managing director and report to Kase.
MLIM has more than $533 billion under management and offers equity and fixed-income, active and passive products to retail and institutional clients worldwide. The U.S. institutional business has more than $100 billion in assets under management.
Merrill Lynch Lets Go Two Top Execs
Merrill Lynch Investment Managers has fired two top executives for failing to adequately supervise a currency trader who misallocated currency trade returns, a spokeswoman for the company said.
Tim Manna, global head of fixed income for MLIM, and David Jacob, head of fixed income for Europe, the Middle East, and Africa, did not act quickly enough after learning about the impropriety, the company said.
Russell Maddox, currently co-head of Australia fixed income for MLIM, has been appointed to replace Jacob. A replacement for Manna has yet to be named.
Earlier this year, MLIM "discovered internally" that the trader was misallocating returns favoring some clients and hurting others, the spokeswoman said. The clients affected were primarily institutional clients, including some retail mutual funds.
The company launched an investigation in late March and reviewed over 200,000 trades. The company fired the trader, whose name the company is not releasing, at the end of April.
The company is compensating the clients that were hurt by the misallocations. "From our perspective, the situation is resolved," the spokeswoman said.
It is not clear what if anything will happen from a regulatory standpoint. Regulatory authorities were contacted six weeks into the investigation and made aware of developments along the way, the spokeswoman said.
Domini Adds Social Index Pioneer
Steven Lydenberg, one of the architects behind the first socially screened equity index, has joined Domini Social Investments as a principal responsible for the firm's global social investing analysis.
In his new role, Lydenberg's duties will include strategic development and product support in addition to researching and writing reports on emerging social issues.
"We are very pleased that he is joining Domini Social Investments as we prepare to launch new initiatives and play a leadership role in international social investing and the creation of a more sustainable and humane global economy," said Amy Domini, founder of Domini Social Investments.
Lydenberg is the founder and former research director of Kinder, Lydenberg, Domini & Co., a social research firm that helps institutional investors screen investments. Lydenberg continues to sit on KLD's board of directors as well as the Domini Social Index Committee.
Newport Pacifc's Tuttle Tuttel Retires
Tim Tuttle, president of Newport Pacific Management, retired earlier this month and John Mussey, the founder of Liberty Financial, Newport's parent company, will assume oversight of the company, according to a company spokesman.
Tuttle, who is in his early 60s, had worked with Newport for 17 years, according to the spokesperson. Tuttle will be replaced by Christoper Legallet, the firm's CIO. Legallet will remain the firm's CIO, the spokesman said.
Deerfield Promotes Horn
Deerfield Capital Management, a Chicago-based fixed-income asset management firm with about $3.4 billion in assets under management, has promoted Paula Horn to managing director of the firm's investment grade corporate bond trading team. Previously, Horn was senior VP and senior portfolio manager for Deerfield.
"Thus far in 2001, the assets managed by (the investment grade corporate bond trading) team have increased to approximately $1.0 billion in connection with the closing of two $500 million CBO transactions, Valeo Investment Grade CDO Ltd. and Valeo Investment Grade CDO II Ltd.," said Scott Roberts, president and CIO of Deerfield, in a statement.
