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Morningstar Names Chen Chief of Investment Unit

Executive Moves


Morningstar has named Peng Chen, president of its Ibbotson Associates unit, president of its newly formed global investment management division. In this role, Chen will be responsible for the company's investment consulting, retirement advice and investment management operations in North America, Europe, Asia and Australia, including Morningstar Associates, Ibbotson Associates, Morningstar Investment Services, Old Broad Street Research and Seeds Finance.

Patrick Rinkemeyer, who was president of Morningstar Associates, will be leaving the firm in mid-December.

Joe Mansueto, chairman and chief executive officer of Morningstar, said: "Patrick is a talented executive and a skilled investment manager. He created Morningstar's consulting business as a start-up operation more than a decade ago and built a world-class investment management capability. Patrick has decided it's time for him to do something new. We're sorry to see him leave but are glad he'll be serving as an adviser during a transition period."

Of Chen, Mansueto said: "Peng is a brilliant researcher and one of the industry's leading authorities on asset allocation. He played a key role in developing Ibbotson's investment consulting and retirement advice business before we acquired the firm in 2006 and has done a terrific job leading Ibbotson since then."

Mansueto said it now makes sense to combine Morningstar's investment management units under one leader.

At Ibbotson, which Chen joined in 1997, he served as managing director and chief investment officer. He is an expert in asset allocation, portfolio risk measurement, nontraditional assets and global financial markets and has had articles published in the Financial Analysts Journal, Journal of Portfolio Management, Journal of Investing, Journal of Financial Counseling and Planning, andthe American Association of Individual Investors Journal.

"I'm thrilled to be taking on this expanded role and look forward to working closely with our global teams to deliver more integrated investment solutions to our clients," Chen said.

 

PineBridge Hires Hornig, Credit Suisse COO

PineBridge Investments has hired George Hornig, the former managing director and co-global chief operating officer at Credit Suisse Asset Management, to serve in a similar capacity at the New York-based institutional and individual investment management firm.

In an announcement, the firm explained that Hornig will be its new senior managing director and chief operating officer. His responsibilities include the management of PineBridge's "operations, technology, product development and marketing and communications."

Win Neuger, CEO, said Hornig's "ability to identify and execute business strategy solutions, in addition to his proven track record in managing the functional areas of large global asset management firms, will be a major driving force in positioning the firm as [it] continue to pursue [its] strategic goals."

Alternately, a PineBridge spokesperson further explained that Hornig's position is newly created and that he will also join the firm's executive committee. He will serve with Neuger; Bob Thompson, senior managing director and head of alternative investment; Hans Danielsson, senior managing director and head of listed equities and fixed-income; and Head of Human Resources Connie Miller on the governing board.

Since his departure, Suzanne Fleming, a Credit Suisse spokesperson, the Zurich-based financial service firm has replaced Hornig with Tom Sipp, who is now the sole chief operating officer and CFO for the asset management arm.

Previously, Fleming explained that Hornig co-managed the division with Gerhard Fusenig. Fusenig left his role in August to head its asset management business in Switzerland.

As of Sept. 30, PineBridge Investments had $83 billion in assets under management for its client base across its listed equity, fixed-income, private equity and hedge fund opportunities, the announcement stated.

 

Lincoln Financial Selects Scanlon as DC Vice Prez

Lincoln Financial Group has hired Sharon Scanlon as vice president and business leader for the large market defined contribution business, in charge of product management and development, deal management and business and strategy development.

Scanlon joins Lincoln with more than 17 years of financial services and benefits experience. She most recently was responsible for business and product development for the DC large market at Putnam Investments. Before that, she held several senior leadership positions with Fidelity Investments, Mercer HR Services and Putnam Investments. She began her career at the Massachusetts Department of Revenue, followed by positions with Quality Solutions and State Street Global Advisors.

 

Million-Dollar Team From Morgan Joins UBS

UBS Wealth Management Americas hired a team of three advisers from Morgan Stanley Smith Barney in its Los Angeles operation: Roger Stephens, Dan Rothenberg and Theodore Fisher. Stephens will continue to lead the team, which had $2.1 billion in assets under management and a trailing 12-month production of $5.2 million. While offering the full range of wealth management services, the team specializes in corporate retirement plan consulting and 501(c) endowments. The team reports to Stephen McCashin, Los Angeles complex director. Stephens and Fisher are returning to UBS after 4-1/2 years.