The Changing of the Guard at Casey Quirk | Chief Investment Officer

Consultancy Casey Quirk has taken a major step in its succession plan, replacing famed industry entrepreneur John Casey, 72, with firm co-founder Kevin Quirk.

Quirk, 50, has been appointed to replace Casey as chairman of the Darien, Connecticut-based company, the firm announced Monday.

Casey, who “will continue his involvement with industry relationships,” is moving to a senior advisor role. Over the course of more than four decades in asset management, he helped establish three major businesses, including RogersCasey and Barra Strategic Consulting Group—the predecessor to Casey Quirk.

“I am very pleased to pass on the baton to Kevin,” the outgoing chairman said. “Along with our colleagues, we have built the world’s largest management consultant dedicated solely to advising investment managers on business strategy.” According to the firm’s website, its client roster includes 70% of the world’s 25 largest asset managers.

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The power handover from senior to junior co-founder had been in the works for several years, Managing Partner Yariv Itah indicated in the announcement. Itah called Casey a “pioneer in the field of advising senior executives on building successful investment management businesses,” and reiterated his continued involvement as an advisor.

New chairman Quirk takes over a rapidly expanding team, which has reportedly grown by two-thirds in the last three years. He will be responsible for working with key clients, Casey Quirk said, while his mentor dials back his daily operational duties.

James PerryThe Dallas Police & Fire Pension System (DPFP) has hired its first CIO.

The $3.1 billion retirement fund named James Perry as its investment chief, scheduled to begin September 1.

Perry is currently serving as assistant CIO and assistant vice chancellor for Texas Tech University System’s $1.1 billion endowment. He began in March 2014.

Working closely with CIO Tim Barrett, Perry has been “instrumental in restructuring several major asset classes, including private equity and real estate,” DPFP said. He was also responsible for leading Texas Tech’s efforts in credit, alternative equity, and liquid real assets, according to his LinkedIn profile.

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“He has impressive credentials and the relevant experience to lead our portfolio,” said Kelly Gottschalk, DPFP’s executive director. “We believe he is the right person to lead our investments strategy moving forward and will help us achieve our long-term goals.”

The Dallas pension plan suffered a 9% hit to its portfolio after overstating returns on its real asset investments, reporting losses of $460 million for 2014.

Advisors Buck Consultants told the DPFP board last month that the pension plan could run out of money within 25 years.

“Considering the magnitude of the 2014 and 2013 losses, as well as the size of the nontraditional assets, we may need to reevaluate how the asset return is determined,” Buck Consultants said in July.

The consultant said the pension fund is currently 71.4% funded. DPFP’s documents reported a net loss of 3.8% for the year ending March 31, 2015.

Prior to his position at Texas Tech, Perry was a senior investment officer at the San Bernardino County Employees’ Retirement Association (SBCERA) for almost a decade.

At SBCERA, Perry introduced direct hedge funds and took charge of the development and expansion of the fund’s diversified global debt portfolio.

He was also a “significant contributor” in developing SBCERA’s tactical asset allocation strategies and constructing the portable alpha program, his LinkedIn profile said.

Perry has an MBA from National University and a bachelor’s degree from the University of Houston. He is also a Chartered Financial Analyst and Chartered Alternative Investment Analyst.