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Calvert Adds Three To Develop Equity Business

Attrition and an effort to expand its equity management business have driven a spate of new hires at Calvert.

The company, which provides socially responsible mutual funds and annuities, recently hired a new wholesaler to service the broker-dealer market in the southwest. Jeanine Perkins, a former Paine Webber executive, was hired in late December to expand the firm's distribution in the region.

Calvert has also begun searching for a new VP of social research and policy. The firm is looking to replace Jon Lickerman who left the firm late last year to spend more time with his family, said spokeswoman Elizabeth Laurienzo. Julie Gorte, a senior research analyst specializing in environment and technology issues, has filled Lickerman's position in the interim. She is a leading candidate to take on the leadership role full time, Laurienzo said.

Laurienzo said the search for Lickerman's replacement has been tabled for months because Calvert first wanted to fill a new post in its equity division. The firm hired Kemal Ahmed as its senior VP of equities. Ahmed, who managed $4 billion in equity assets as a senior investment officer at World Bank, will oversee the firm's equity sub-advisors. A group of support staff had previously managed those tasks.

The changes are largely the result of Calvert's efforts to develop its equity business. Last year, Calvert posted gains of 16% in equity product sales and it added an index fund and acquired a large-cap growth product. Now it is focusing on continued growth in that division.