People Moves Roundup | Chief Investment Officer

State Street Positions Global Markets Portfolio Solution Leadership for its Front-to-Back Platform

State Street Corp., announced today its portfolio solutions group has a new leadership team led by executive vice president and head of State Street Global Markets, who recently joined State Street to oversee all aspects of global markets’ trading, product, and operations platform.

Reporting to Chakar is Executive Vice President Tony Bisegna, who recently assumed leadership of State Street’s portfolio solutions group.

Bisenga will lead a team comprised of Dan Morgan, senior managing director, and James Woodward, senior managing director, who will head the transition management and the agency brokerage businesses in the Americas and APAC, respectively. Leading the group’s consulting, product development, and implementation strategy initiatives is Steve Fenty, managing director of the Portfolio Solutions Group.

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Schroders Strengthens North American Distribution Team with Two Key Hires

Schroders announced two senior hires as it continues to broaden its bench of channel specialists. Deb Boyden joins as head of US defined contribution and Anna Sayer joins as a sales director, wealth management solutions.

Boyden joins Schroders from Lazard Asset Management, where she was senior vice president, defined contribution, national accounts. She will report to Joel Schiffman, head of US defined contribution and insurance sales.

Sayer previously worked at PIMCO as a senior associate, advisory services focusing on the RIA and family office channel.

Baird Advisors Expands Senior Team; Adds Municipal Bond Co-Leader

Veteran municipal bond portfolio manager Lyle Fitterer will join the Baird Advisors team on August 6. Fitterer will co-lead the municipal investment team with Duane McAllister and will become part of Baird Advisors’ senior management team.

McAllister and Fitterer worked together at Wells Fargo and share a similar and consistent investment approach.

McAllister joined Baird a little over four years ago and helped broaden Baird Advisors’ municipal offerings to better meet client needs. With Fitterer on board, the team will consider launching additional municipal funds/strategies.

Fitterer spent more than 30 years at Wells Fargo Asset Management, where he led the municipal fixed income team an

Tags: Baird Advisors, People Moves, Schroders, State Street

Joe Cullen

After a six-month search, Penn State’s $4 billion endowment has found a new chief investment officer, and he’ll be flying in from Montana just in time for the fourth quarter.

Joe Cullen will replace John Pomeroy on September 16, leaving his CIO role at the Montana Board of Investments. He has held that title at the $18 billion fund since 2015.

Pomeroy, Penn State’s chief of 17 years, retired last December. His successor will be the institution’s second CIO. Deputy CIO Sonali Dalal had been the acting head during the interim.

“Replacing a chief investment officer of John Pomeroy’s caliber has been a real challenge, as John will be a very tough act to follow,” Cullen’s new boss, Executive Director David Branigan, said. “Joe Cullen brings to Penn State’s Office of Investment Management a high degree of experience, expertise, and professionalism.”

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Cullen’s former boss, Executive Director Dan Villa, will double as acting CIO for now, he confirmed. Although he did not comment on Cullen’s departure, Villa said the board will discuss “recruitment options” at its August 20-21 meeting.

At his new post, Cullen will coordinate the university’s investment strategies and portfolio construction in conjunction with mitigating risks as well as managing investment performance.

“Education has been an important part of my life, and I’m excited to join a leading institution like Penn State and support its mission to impact the world through teaching, research and service,” Cullen said.

Cullen was earning about $250,000 at the Montana Board of Investments, according to the Skorina Letter, the newsletter of CIO and institutional executive career recruiting firm Charles Skorina and Co. The business expects him to make at least double that at his new gig.

Penn State’s asset mix was 24% US equity, 22% international equity, 20% private equity and venture capital, 14% diversifying and private credit, 12% fixed income, and 8% real assets as of December 31, 2018.

Penn State Needs a New CIO

Tags: CIO, Endowments, Joe Cullen, Penn State, Ron Pomeroy, The Skorina Letter