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Executive Moves

Harris CEO Raitt Named President of Oakmark Funds

John Raitt, president and chief executive officer of Harris Associates, has been elected president of Oakmark Funds, which Harris advises.

Raitt joined Harris as a research analyst in 1986 and will replace Chairman and Chief Investment Officer Robert Levy. Both are also partners at Harris. Raitt, 49, who has an MBA from Northwestern and more than 23 years in the investment industry, has previously held titles of chief operating officer and director of research at Harris.

He was previously an investment officer at Northwestern Mutual Life Insurance Co., specializing in private equity and fixed income investments. Harris Associates said the move is designed to steer Levy, who has 27 years in the industry, more toward his responsibilities as CIO and his leading of the entire investment team.

State Street Creates Two CIO Slots; Burbank Retires

State Street Research has created two chief investment officer positions in its equity department. Assuming the positions are Jeffrey R. Lindsey, who will specialize in growth investing, and Peter A. Zuger, who will oversee value investing.

Lindsey, 41, has been at State Street since September 2002, during which time he has served as managing director and director of the large-cap growth team. Previously, he was a managing director and portfolio manager at Putnam Investments. He has an MBA from Emory University and is a 19-year veteran of the investment industry.

Zuger, 55, has served in different positions, including senior vice president and, most recently, managing director, since he joined State Street in 1998. In financial services since 1970 when he began a retail banking career, he has served as vice president of American Century Investment Management and was the creator and manager of mutual funds at NBD Bank in Detroit. He graduated from Virginia Commonwealth University.

Additionally, John Burbank announced his retirement as managing director and portfolio manager of small-cap value assets, including State Street Research Aurora Fund, effective Jan. 1.

Fellow portfolio managers Paul Haagensen and Caroline Evascu will assume his management duties, although Burbank will stay with the firm for six more months to help the transition.

Burbank has been a financial services industry man since 1968, when he first worked as the director of equity research at First National Bank Boston. Burbank joined State Street as an equity analyst in 1987.

Fido Taps Deschenes as EVP, Marketing for Firm's 401(k)s

Stephen Deschenes has been named executive vice president of marketing for Fidelity Institutional Retirement Services Co.

Deschenes, who founded the venture capital firm Bow Street Capital as well as the financial advice Web site mPower, will oversee marketing for Fidelity's 401(k) plans.

Reporting directly to President William Carey of Fidelity Institutional Retirement Services, Deschenes will also be in charge of product development.

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