With Larry Smith’s departure, CSAM’s global chief executive, Michael Kenneally said the firm plans to replace the global investment chief slot with individual global heads for equities, fixed income and alternative investments. The change is being made “to move the performance oversight closer to the actual investment process,” CSAM said.
The company said that the executives tapped to fill the equities and fixed income positions will be named shortly and that Kenneally will oversee CSAM’s investment performance until they are named. In early April, CSAM tapped Jack DiMaio as chief executive of alternative investments. DiMaio was previously head of global credit products and the fixed income division for North America.
The goal of the management changes is to “continue to improve our investment performance and we are moving quickly to have the right leaders in place to deliver on that promise,” the company’s CEO said in a memo quoted by the Wall Street Journal.
CSAM – the fourth largest manager of European pension fund assets – has undergone extensive restructuring over the last six months. In December 2002, the company announced global organizational changes and in January CSAM Europe reorganized, appointing individual heads of business areas to form the European executive board.