April 14, 2008
Former Fed Vice Chair Joins TIAA-CREF
Former Federal Reserve Vice Chairman Roger Ferguson will be the new chief executive of TIAA-CREF.
With 3.4 million customers, the Teachers Insurance and Annuity Association - College Retirement Equities Fund has controlled the majority of retirement assets of academic workers, yet in the past, many critics have called the group a "poor man's Vanguard."
"I don't think we're a poor man's anything," Ferguson, 57, told The Wall Street Journal. "My goal is to make sure we're second to none."
Ferguson was considered Alan Greenspan's No. 2 at the Fed, and led the response to the 9/11 attacks. Before joining the Fed, he was a partner at McKinsey & Co. and an attorney at Davis Polk & Wardwell. After leaving the Fed in 2006, he joined Swiss Reinsurance Co.
"[Ferguson is] perfectly suited to deal with the kinds of people who make up the TIAA constituency," said former Securities and Exchange Commission Chairman Arthur Levitt.
Ferguson attended Harvard University, where he received an undergraduate degree, a law degree and a Ph.D. in economics. He replaces Herbert Allison.
Jefferies & Co. Hires Fixed-Income Veteran
Jefferies & Co. has hired Thomas Thees as managing director to help strengthen its fixed-income division.
Thees, a 25-year fixed-income veteran, joins a team of more than 100 professionals that support more than 3,000 institutional clients.
"As we continue to enhance our platform across many fixed-income businesses, Tom's complementary skills will provide the additional management resources and focus to execute our strategy," said Tim Cronin, head of fixed income at Jefferies.
Thees previously worked as chief operating officer at MarketAxess. Prior to that, he spent almost 17 years at Morgan Stanley, holding a variety of trading and origination roles. He has also worked for Citibank and Goldman Sachs.
BNY Mellon Unit Hires Cuocolo
BNY Mellon Asset Servicing, a unit of Bank of New York Mellon Corp., has hired Kathy Cuocolo to run its U.S. mutual fund operations and exchange-trade fund services.
Cuocolo, 55, was a consultant and principal with Cuocolo & Associates in Concord, Mass., providing governance and operations guidance to senior management and investment fund directors. Prior to that, she was an executive vice president and division head of investment products and services with State Street Corp. in Boston.
Cuocolo reports to Jeffrey Bieselin, the head of U.S. investment operations for BNY Mellon Asset Servicing.
Fidelity Names New Sales Executive for Pyramis
Pyramis Global Advisors, a unit of Fidelity Investments, has appointed Patrick McNelis as executive vice president of global sales and distribution.
McNelis will oversee direct sales, client services and consultant relations groups and sales channel services.
Prior to joining Pyramis, McNelis was an executive director and the head of institutional advisory services for Principal Global Investors, a unit of Principal Financial Services Inc. of Des Moines.
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