Nesbitt Exits Wilshire Associates

February 10, 2004 (—As part of a restructuring of the firm, Stephen Nesbitt resigned as head of the consulting division at Wilshire Associates, Inc last week, after serving 23 years at the firm.

In light of an ongoing US Securities and Exchange Commission (SEC) review of the pension-consulting industry, of which Wilshire, a California investment advisory firm, is part, Wilshire CEO Dennis Tito is trying to reorganize the firm to avoid any possible conflicts of interest, reported Dow Jones.  

For a period of time, Nesbit served as the head of both the consulting division and the funds management division, and Wilshire saw a need to have those departments run by separate people.   Nesbitt was offered the position of head of the funds management division, but declined.   That division will now be headed by Michael Napoli Jr. and Julia Bonafede will be senior managing director of the consulting unit, Dow Jones said.