February 23, 2004
T. Rowe Tabs Miller Director Fixed-Income, Reynolds to Retire in April
Mary J. Miller, T. Rowe Price's assistant director of fixed-income, will be taking over for William Reynolds, director of the unit, who is retiring in April.
Reynolds, 55, has been working at T. Rowe Price for 22 years.
Miller, 48, will be taking over the firm's lucrative $55 billion fixed-income wing. She has been at T. Rowe Price since 1983, and is also the manager of its Tax-Free Income Fund. The company said Miller will continue to manage portfolios while in her new position.
Reynolds will also relinquish his duties on the company's board of directors and management committee. Since taking over the fixed income division in 1996, Reynolds has helped guide it to an 80% increase in assets.
Company chairman and president, George A. Roche, while stating he believes the division is being left in capable hands with Miller, said that Reynolds "will leave behind a legacy of strong leadership and innovation."
Cable to Head FirstMerit's Wealth Management Group
A year after launching its wealth management unit, FirstMerit Corp. has hired Terri L. Cable from National City Corp.'s asset management unit to help develop the smaller company's private-client business.
The company has hired Cable to head its wealth management group and run the company's trust and private-client services, estate and financial planning, brokerage, and the executive compensation and insurance businesses.
She succeeds George P. Paidas, who was promoted to senior executive vice president in charge of all segments of the bank.
Wilson Promoted to Director of Socially Responsible Investing Firm Christian Brothers
John K. S. Wilson, formerly the assistant director for socially responsible investing at Christian Brothers Investment Services, is now the director, effective January 1, 2004.
Wilson, 35, will manage $3 billion for Catholic groups "seeking to combine faith and finance through the responsible stewardship of Catholic assets."
He has been with the company since 1997, when he joined on as a social research coordinator. He was named assistant director in January 2002.
"I am pleased and honored to take over this role with Christian Brothers," Wilson said. "I look forward to the challenges ahead and the chances to take a greater role in helping our participants incorporate their values into their investments."
First Trust Taps Pair of New VPs Rodewald, Gultig Each Get the Nod
Denver-based First Trust Corp., a national leader in the self-directed retirement industry, has tabbed new vice presidents in two of its divisions dedicated to trust, custody and administrative services for both individual and institutional financial advisors.
The firm has named Dean Rodewald vice president of its DATAlynx and Investment Manager Services and tapped Sean Gultig as vice president of TRUSTlynx and OptionsPlus.
Gilman Named President, CEO of Old Mutual's Japanese Operations
Pending the approval of Japanese regulators, Scott M. Gilman will become the president and CEO of all Japanese operations handled by Old Mutual Asset Management, the company announced.
By naming Gilman senior executive of all the firm's Japan businesses, Old Mutual has set the stage for giving him full-throttle control. The move was prompted by the retirement of Masaharu Izumi, who has held the positions of CEO and president for the last 10 years. Old Mutual's Japanese arms, called United Investment Co., and UAM, report directly to Old Mutual Chief Executive Scott Powers.
"Scott brings with him a strong record of success in the investment management business in both Japan and the United States, and we look forward to expanding our presence in Japan under his leadership," Powers said.
Gilman, who possesses more than 18 years experience in the international investment industry, most recently worked as chief operating officer for State Street's business in Japan. Before that, he was chief administrative officer for the Japan unit of Goldman Sachs. In the early days of his career, Gilman worked for the accounting firm Arthur Andersen.
"I consider this a wonderful opportunity to work with the outstanding investment managers in the Old Mutual Asset Management group," said Gilman, a certified public accountant who holds a bachelor's degree from the University of Massachusetts.
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