Financial Times Mandate articles from November 2002

Financial Times Mandate archives from November 2002

News: Illinois entrusts $1.2bn to external asset managers.(Illinois State Board of Investment)(Brief Article)
November 4, 2002... The Illinois State Board of Investment has awarded $1.2bn in US fixed assets to external managers. Fund houses, BlackRock and Western Asset Management have received $500m each, while Harris Investment Management, a subsidiary of the Bank...

News: Merrill loses multi-asset brief as Essex opts for specialists.(Essex County Council pension fund )(Brief Article)
November 4, 2002... Merrill Lynch Investment Managers (MLIM) has lost a multi-million pound mandate after a local authority pension scheme switched to specialist fund management. The GBP1.5bn Essex County Council pension fund dropped MLIM after deciding the...

News: Northern Trust nets oe1bn oil fund.(Brief Article)
November 4, 2002... Northern Trust has snapped up GBP1bn worth of custody business at a major oil company pension fund. TotalFinaElf UK has appointed Northern Trust as custodian for the entire assets of its newly-created pension plan, following the merger of...

News: AP3 hunts for active Euro-equity experts.(Brief Article)
November 4, 2002... Sweden's third national pension fund, AP3, is looking for managers for e200m- 450m in small and mid-cap active European equity mandates. The money will come from the Skr127bn (e14bn) fund's active large-cap portfolio, managed internally,...

Editorial: Global custodians are not being used enough.(multinational pension funds)(Brief Article)
November 4, 2002... Multinational pension funds are missing an opportunity to manage their investment risk better. According to a survey by Mercer Investment Consulting, multinationals under-use global custodians and particularly their online systems as a source...

News: In brief - Lazard and Wellington land Dakota briefs.(Lazard Asset Management; Wellington Capital Management; North Dakota State Investment Board)(Brief Article)
November 4, 2002... Lazard Asset Management and Wellington Capital Management have each been awarded a $7m international equities small cap mandate by the North Dakota State Investment Board's (NDSIB) $1bn insurance trust. The Lazard mandate is value driven...

News: In brief - Quality puts BGI at top of Royal Liver parade.(Barclays Global Investors; Royal Liver Assurance)(Brief Article)
November 4, 2002... Barclays Global Investors (BGI) has bagged a GBP137m UK equities mandate from UK-based friendly society, Royal Liver Assurance. The mandate is benchmarked to the FTSE 350 and aims to outperform the index by 1 per cent a year. Ian Longley,...

News: In brief - JPMorgan clinches global custody work.(Brief Article)
November 4, 2002... JPMorgan Investor Services has won a mandate from the Merrill Lynch Insurance Group (MLIG) to provide global custody services for its new mutual fund affiliate, MLIG Variable Insurance Trust (VIT). JPMorgan will provide performance...

News: In brief - Seligman puts more in State Street basket.(Brief Article)
November 4, 2002... State Street has been awarded a further outsourcing contract from investment manager and adviser J & W Seligman & Co., covering assets of $20bn. It will provide trade support and settlement, portfolio record-keeping, custody communications...

News: In brief - ABP offers ethical fund to pension savers.(Brief Article)
November 4, 2002... Ethical investment received a major endorsement recently after Europe's largest pension fund set up its own socially responsible investment (SRI) fund. ABP, the Dutch civil servants pension fund, has linked up with ethical research...

News: In brief - ING pioneers private pension fund in Russia.(Brief Article)
November 4, 2002... ING has launched the first foreign non-state pension fund in Russia. The Dutch bank will offer defined contribution schemes to corporate clients with individual employee pension accounts. The fund will be modelled on similar ING funds in...

News: Dresdner ditches quant staff.(Dresdner RCM Global Investors)(Brief Article)
November 4, 2002... Dresdner RCM Global Investors has made its head of quantitative equities and a member of his team redundant in a bid to move away from passive management. The move came as Amvescap, holding company for Invesco and AIM, announced 500...

News: Hedge fund failure drives Evli to RMF.
November 4, 2002... Finnish firm Evli Fund Management has signed a deal with Swiss alternative investment firm RMF to sell two of its hedge funds of funds after failing to set up its own products. The move comes as Evli enters the nascent Baltic pension market...

News: Nebraska list reflects shift to active style.(Nebraska state retirement system )(Brief Article)
November 4, 2002... Nebraska's state retirement system (NSRS) has short-listed Fidelity Investments and Boston-based Grantham, Mayo, Van Otterloo for a $200m international developed markets mandate. The allocation reflects a desire to shift from a...

News: Stroobants joins one-stop advocates' board.(Karel Stroobants joins FundPartners' advisory board)(Brief Article)
November 4, 2002... Karel Stroobants believes the one-stop consultancy shop for pension funds is the future for European pension managers. The former chairman of Voorzorgskas voor Geneesheren (VKG), the Belgian pension fund for doctors, dentists and pharmacists,...

Comment and Analysis: Multi-managers are bathed in praise.
November 4, 2002... While balanced fund managers are having a bear of a time, are multi-managers about to enter a golden era? UK investment consultants seem to think so. According to research carried out on behalf of the Association for Institutional Multi-Manager...

News: Jennison wins deal to co-manage NY brief.(Brief Article)
November 4, 2002... New York Life Investment Management (NYLIM), a subsidiary of New York Life, has hired Jennison Associates to co-manage a $450m mutual fund. The company has split the Mainstay Map fund equally between Jennison and Markston International the...

News: Mississippi switches 5% into real estate.(Brief Article)
November 4, 2002... Mississippi's $14bn public employees' retirement system has allotted up to 5 per cent to real estate. The money will come from the fund's international equity allocation, which will be reduced from 20 per cent to 15 per cent. The...

News: Goldman launches offshore cap funds.(Brief Article)
November 4, 2002... Goldman Sachs Asset Management has launched a US large-cap and a US mid-cap offshore value fund. The funds will be domiciled in Luxembourg and managed by the company's 14- strong US value equity team, which runs $4.8bn in assets. The...

News: Schroders likely to lose Lincolnshire mandate.(Brief Article)
November 4, 2002... Schroders looks likely to be dropped and Bank of Ireland Asset Management (BIAM) to have its mandate expanded in a shake-up at Lincolnshire County Council's pension fund. Following a review by consultant Hymans Robertson, the GBP612m fund...

News: In brief - NY seeks managers for emerging markets equities.(New York City Employees Retirement System)(Brief Article)
November 4, 2002... The $32.2bn New York City Employees Retirement System (NYCERS) is seeking three asset managers to invest up to $1bn in emerging market equities. Each manager will be awarded mandates worth between $100m and $400m. The closing date for...

Custody, Settlement and Technology News: RBC makes history with C$29bn mandate win.(RBC Global Services)(Brief Article)
November 4, 2002... RBC Global Services has scooped the largest fund accounting mandate in Canadian history, by winning a contract to provide outsourcing services for CI Mutual Funds' entire C$29bn (E18.9bn) portfolio of investment funds. The mandate marks...

Custody, Settlement and Technology News: Compliance costs raise survival fears.(Brief Article)
November 4, 2002... Increasing compliance costs will accelerate consolidation among financial services companies and lead to some being forced to close to new business, a survey has warned. Pressure to meet compliance cost targets and to stay within budget...

Custody, Settlement and Technology News: Perrin and Russell ally for push into Australia.
November 4, 2002... Towers Perrin and Frank Russell Company are joining forces to chase more business in Australia in the rapidly-growing field of superannuation outsourcing. It is an extension of a similar deal struck in the UK, where Frank Russell will be...

Custody, Settlement and Technology News: SEI picks up Rose Glen private fund.(Brief Article)
November 4, 2002... Rose Glen Capital, a US-based arbitrage firm, has appointed US-based multimanager firm SEI Investments to administer a $115m private investment fund. The deal is the first since July, when two Rose Glen partners left to start hedge fund...

Custody, Settlement and Technology News: In brief - DailyAccess.com and Invesco collaborate on multifund.(Brief Article)
November 4, 2002... Denver-based Invesco Funds Group has joined forces with DailyAccess.com, an electronic retirement service platform, to launch a private-label retirement product aimed at pension plans between $1m and $50m. The Invesco Smart Choice Plan is...

Custody, Settlement and Technology News: In brief - Northern Trust beats rivals to Highland's global custody.
November 4, 2002... Northern Trust has scored a GBP394.3m global custody mandate from the Highland Council Pension Fund. The mandate, which was shared previously by The Bank of New York and NM Rothschild, is currently invested in two separate balanced portfolios....

News Analysis: Asset Management Pay-offs - Axe falls on asset managers.
November 4, 2002... The epidemic of job cuts in the finance sector seems to have left the fund management arena relatively untouched, with the majority of redundancies happening in legal and IT departments and administration. But closer inspection reveals that...

People News: Sainsbury takes on risk at Platinum.
November 4, 2002... Platinum Capital Management has bagged Sebastien Sainsbury as a member of its risk management advisory committee. The company develops and distributes structured products on funds of hedge funds and provides private wealth management...

People News: Murdock plans to return to US Merrill.(Brief Article)
November 4, 2002... Brian Murdock, chief investment officer at Merrill Lynch Investment Managers' (MLIM) non-US operations, is quitting his post to return to the firm's US parent company at the end of December. Mr Murdock is staying with MLIM but refused to...

People News: Fortis creates senior position for Scanlon.(Fortis Fund Services appoints Michael Scanlon )(Brief Article)
November 4, 2002... Fortis Fund Services has appointed Michael Scanlon to the newly created post of managing director of marketing and sales. He will be responsible for expanding the global fund administration business in the US and marketing it to the Fortis...

People News: Morrison to head risk at Standard Life.(Brief Article)
November 4, 2002... Colin Morrison has joined Standard Life Investments as head of performance and risk measurement. He will be responsible for global investment performance and risk measurement across this sector. He was formerly with Baring Asset...

People News: Thomson overhauls customer services.
November 4, 2002... Thomson Financial has had a shake-up to refocus its customer units. It is retaining separate product development teams for areas such as investment management and investment banking, but is integrating after-sales customer services. The...

People News: Two join Goldman fixed income team.
November 4, 2002... Goldman Sachs Asset Management has appointed two more staff to its global fixed income and currency team. Adam Gileski and Michael Mura have been given the titles of directors. Mr Gileski will work with Jkim Cielinski's European team,...

People News: Gartmore expands UK equities team.
November 4, 2002... Ben Wallace has been hired by Gartmore as a senior investment manager on its UK equities team. Mr Wallace has spent the past five years working for Deutsche Asset Management, most recently as a UK equity fund manager for retail and...

Portfolio: Asset Allocation - Europe - Research throws light on best practice.
November 4, 2002... Innovest Strategic Value Advisers takes a business-like approach to ethical investing. The firm, which researches companies for some of the world's biggest pension funds, says studies have shown that bad environmental and social practices...

Portfolio: Asset Allocation - Asia-Pacific - Concord pilots A$500m windfall home.(Concord, former Lend Lease Investment Management)
November 4, 2002... In the past few months, Concord has picked up more than A$500m (e283m) in assets to manage from the A$10bn super fund CSS and the Local Government Super Scheme. Key to its success is a top-quartile track record, in a highly competitive field...

Portfolio: Asset Allocation - Americas - Westfield cap team woos West Virginia.
November 4, 2002... Westfield Capital Management's small and mid-cap equities team is fiercely democratic. Once the tips reach the fund management team, members discuss them and decisions are made collectively, said Kimberly Clark, Westfield's assistant...

Portfolio: Market Analysis - View from Europe - Air of unease chokes growth among European funds.
November 4, 2002... Europe has underperformed other developed markets in recent months as disappointing economic data, the re-election of chancellor Schroeder in Germany, and growing fears of war in Iraq have undermined investor confidence. The German DAX 30 index...

Portfolio: Market Analysis - View from the Americas - Perception is the key to seeing recovery in equities.
November 4, 2002... With the US economy emerging from the shallowest recession in history, investors are wondering why the US equity rally remains elusive. The most cited reason is that even after the market correction of the last two and a half years, stocks are...

Portfolio: Market Analysis - View from Asia-Pacific - Conservatism of the West could hinder Asian market.(Brief Article)
November 4, 2002... Asia ex-Japan has good macroeconomics and attractive valuations. However, the negative global supply-demand background for equities makes it difficult for Asia to de-couple from the global trend. Asia's GDP growth is based on exports and...

Mandate Research: Custody - Risk Management - Choosing the right custodian.
November 4, 2002... The terrorist attacks on the World Trade Center on September 11 last year have led to custodians and their institutional clients placing greater emphasis on risk management. But, while this factor has grown in importance, it should not detract...

Mandate Research: Custody - Clearing and Settlement - Risk analysis lays bare local issues.
November 4, 2002... Institutional investors often fail to take into account shortfalls in local market infrastructures when it comes to investing in overseas markets. As a result, the global custodian or its agent in the local market will often get the blame for...

Mandate Research: Alternative Investments - Hedge Funds - Closures fail to stem hedge fund popularity.
November 4, 2002... UK institutional demand for alternative investments, and particularly hedged funds, is forecast to increase slowly in the coming years despite recent Morgan Stanley research which reveals a high mortality rate in the hedge fund universe. ...

AMP chief sacks five from executive team.
November 4, 2002... New AMP chief Andrew Mohl has sacked five top executives - including the head of the finance giant's troubled UK division - as part of a sweeping restructure. Less than a fortnight after taking the reins from former chief executive Paul...

First State markets direct in N America.
November 4, 2002... First State Investments, the UK investment arm of Australia's Colonial First State Investments, has entered into an agreement under which it will directly market its own institutional products and manage its own client relationships in North...

LaSalle takes global property advice role.(Brief Article)
November 4, 2002... LaSalle Investment Management has been appointed by UK-based Prudential Property Investment Managers (PruPim) to advise on a GBP1.5bn global property investment programme. LaSalle will be sole adviser to 50 per cent of the investment,...

Third-party animals: Ready to be a backwater.
November 4, 2002... Writing about institutional fund management and custody can be fun, or so the journalists here assure people we meet at parties. We get to chart the rise and fall of the fund management behemoths, watch institutions scurry into weird and...

Third-party animals: Secret game of redundancy.(Brief Article)
November 4, 2002... This week's analysis on redundancies in the fund management sector was not easy to research. It is a subject companies do not like to talk about and fund managers were not exactly queuing up to tell us who they were to let go and why. ...

Third-party animals: Good news, no comment.(Brief Article)
November 4, 2002... Despite the poor investment performance and staff lay-offs afflicting the fund management industry, it's good to see that some are enjoying rewarding business relationships. If only they would share the secret of their touchy- feely bonhomie...

Conferences.(Brief Article)
November 4, 2002... - Private equity seminar (free) for pension fund and institutional investors. Hosted by Credit Suisse Asset Management (CSAM) in conjunction with Credit Suisse First Boston, for one half-day on November 5 Contact: Deborah Russell at CSAM...

News: North Carolina with $1bn to allocate.(North Carolina's state pension fund)(Brief Article)
November 18, 2002... North Carolina's state pension fund is looking for equity, real estate and private equity managers to run $1bn to be shifted from bonds. The fund is taking an informal approach to the reallocation with no strategy dictating how much will...

News: Balanced exodus goes on with Worcestershire exit.(Worcestershire County Council's pension scheme)
November 18, 2002... Gartmore Investment Management and Schroder Investment Management have been dropped by Worcestershire County Council's GBP650m ($1bn) pension scheme as the local authority becomes the latest UK fund to move into specialist mandates. The...

News: San Francisco seeks value.(San Francisco's public retirement system)(Brief Article)
November 18, 2002... San Francisco's public retirement system is looking for managers to run $300m in international value equities. The $10bn city and county system already has international core, growth and focused international investments and now wants to...

Editorial: Balanced management weighing up its future.(Brief Article)
November 18, 2002... Is balanced management in its death-throes? Hardly a day goes by without news of a balanced mandate being lost to a specialist manager or multimanager. Coupled with the latest Russell/Mellon Caps report that balanced pooled funds registered...

News: In brief - Dundee switching to specialist benchmarks.(Dundee City Council Tayside superannuation fund)(Brief Article)
November 18, 2002... The GBP775m Dundee City Council Tayside superannuation fund is looking for asset managers to run a GBP93m bond mandate and a GBP194m global equity mandate. Following advice from consultant Hymans Robertson, the fund is moving from its existing...

News: In brief - JPMorgan strengthens dominance in Texas.(Dallas Police and Fire System)(Brief Article)
November 18, 2002... JPMorgan Investor Services has snapped up $1.9bn worth of custody business from a US public pension scheme. The Dallas Police & Fire System, which is one of the US's largest police and fire schemes, has appointed JPMorgan to provide...

News: In brief - Fleming fails to refute redundancy rumours.(JP Morgan Fleming Asset Management)(Brief Article)
November 18, 2002... Fifteen investment management posts have been cut by JPMorgan Fleming Asset Management since its creation in 2001, the company has said. A spokesman insisted there had been no investment management redundancies and that the cuts had been...

News: In brief - Colorado Fire and Police get active.(Colorado Fire and Police Pension Association)(Brief Article)
November 18, 2002... The $2.2bn Colorado Fire & Police Pension Association is planning to invest up to $100m in US active equities. In January, it will tender for a large-cap core equities manager and a small-cap growth manager. "We are exclusively passive in...

News: In brief - Credit Suisse and UBS lose A$140m mandates.(Telstra Super pension fund)(BlackRock)(Brief Article)
November 18, 2002... Australia's largest corporate pension fund, Telstra Super, has fired its two fixed interest managers and two international equity managers. Credit Suisse Asset Management and UBS Asset Management lost their respective A$140m (GBP80m) global...

News: In brief - Sainsbury's in bid to protect maturing fund.(J Sainsbury pension scheme)(Brief Article)
November 18, 2002... One of the UK's largest pension schemes has allocated GBP200m to two fixed income portfolios in a bid to protect the assets in its maturing fund. The GBP1.9bn J Sainsbury pension scheme has selected Fischer Francis Trees & Watts and Pimco to...

News: Pension funds drop UK equities.(Brief Article)
November 18, 2002... UK pension funds are deserting domestic equities in their droves in favour of higher returns from international markets and alternative asset classes. According to research firm Greenwich Associates, total allocation to UK equities by...

News: Poor image forces Aberdeen overseas.(Aberdeen Asset Management PLC)
November 18, 2002... Aberdeen Asset Management's GBP13bn institutional division is redoubling its marketing efforts outside the UK in a bid to distance itself from the reputational damage caused by the split capital trust controversy. Stuart Dunbar, head of...

News: Lumina picked to run $20m brief for NYC.(New York City Employees Retirement System appoints Lumina Ventures)(Brief Article)
November 18, 2002... The $36.6bn New York City (NYC) Employees Retirement System has appointed Lumina Ventures to run a $20m private equity mandate. The money has been allocated to the new brief from the pension scheme's numerous fixed income mandates. ...

News: Liberty Ermitage fund invests in hedge starts.(Strategic Partners Fund is being launched)(Brief Article)
November 18, 2002... Jersey-based Liberty Ermitage is launching the Strategic Partners Fund, a fund of hedge funds that will invest mainly in European-based, early-stage hedge fund managers. Liberty Ermitage will provide seed capital and product distribution...

Comment and Analysis: Europe goes where UK fears to tread.
November 18, 2002... European pension funds are ignoring the risks of investing in alternative investments and have increased their allocation to this controversial asset class. According to US research firm Greenwich Associates, the number of European pension...

News: Morley takes share of Nationwide crown.(Brief Article)
November 18, 2002... The Nationwide Investment Group has chosen Morley Fund Managers as sole manager of its balanced fund. The mandate squeezes Schroders out of its exclusive contract, now leaving it as one of two managers of Nationwide's UK Growth fund. ...

News: BGI multiplies market neutral fund offerings.(Barclays Global Investors)(Brief Article)
November 18, 2002... Barclays Global Investors (BGI) has launched a second market neutral fund, aimed at hedge fund of fund managers. The European Equity Market Neutral Fund is expected to capitalise on the success of BGI's UK Equity Market Neutral Fund, with...

News: Frank Russell successes endorse multi-managers.(Brief Article)
November 18, 2002... Frank Russell Company has strengthened the case for multi-manager appointments in scooping two pension fund mandates. Trustees of Solutia UK's pension fund have appointed Frank Russell to run its GBP35m scheme exclusively and publisher...

News: Illinois moves down reallocation road.(Teachers' Retirement System of the US state of Illinois)(Delaware Management Holdings Inc.)(Brief Article)
November 18, 2002... The Teachers' Retirement System of the US state of Illinois has handed out about $1.27bn worth of mandates as part of a gradual reallocation of assets. "This is the latest move in a process started last winter with an asset allocation...

News: In brief - io outsources nine new fixed income funds.(Brief Article)
November 18, 2002... UK-based multi-manager, io investors is expanding its existing fixed income offerings to include six government funds and three credit bond funds. External managers selected to run the funds include Pacific Investment Management Company,...

News: In brief - Montag & Caldwell wins large-cap growth briefs.(Brief Article)
November 18, 2002... Montag & Caldwell has been chosen to manage five US large-cap growth equity assignments by Frank Russell Company. The deal was part of Frank Russell's multiple-manager process, which provides investment and skill diversification across each...

Custody, Settlement and Technology News: BNY adds Bermuda fund house to 'jigsaw'.(Bank of New York)(International Fund Administration)(Brief Article)
November 18, 2002... Bermuda-based International Fund Administration (IFA) has been bought by The Bank of New York (BNY), subject to regulatory approval. Both parties refused to reveal how much money had changed hands, but as IFA's technology was integral to...

Custody, Settlement and Technology News: Euronext in frame for indices deal.(Brief Article)
November 18, 2002... Euronext is tipped to team up with EuroMTS to provide expertise in the calculation, distribution and marketing of a new range of euro-denominated government bond indices. EuroMTS is planning to launch euro government bond indices...

Custody, Settlement and Technology News: State Street plans 1000 post- expansion job cuts.
November 18, 2002... One thousand employees are set to lose their jobs following State Street's acquisition of Deutsche Bank's custody business. Under the deal, which places State Street in pole position as the world's largest custody bank, the US firm will...

Custody, Settlement and Technology News: Germans buy 50% stake in Infobolsa.(Brief Article)
November 18, 2002... Deutsche Borse has acquired a 50 per cent stake in Spanish financial information provider Infobolsa for an undisclosed sum of money. Bolsa de Madrid owns the rest of the company. Frank Hartmann, a spokesman for Deutsche Borse, said the...

Custody, Settlement and Technology News: In brief - Algorithmics works on new analytics with Commerzbank.(Brief Article)
November 18, 2002... Canadian-based financial risk management software developer, Algorithmics, has teamed up with Commerzbank to develop a new component for its Algo OpRisk Analytics product. Called the Algo OpModel, the component will provide a statistical...

Custody, Settlement and Technology News: In brief - Merrill's fee cut makes securities lowest on Dow.(Brief Article)
November 18, 2002... Merrill Lynch has cut the management fees on its Euro Stoxx 50 and Stoxx 50 exchange-traded funds. Fees for the company's LDRS (listed diversified return securities) will fall from 0.50 per cent to 0.35 per cent, making them the lowest on...

Custody, Settlement and Technology News: In brief - DnB brings in FactSet for primary source data.(DnB Asset Management)(Brief Article)
November 18, 2002... Scandinavian fund management house DnB Asset Management has chosen FactSet Research Systems to provide data research and data management applications. Factset will become the company's primary source for pricing, benchmark, fundamental,...

Custody, Settlement and Technology News: In brief - Razor opts for Beauchamp's portfolio software.(Razor Investment Management)(Beauchamp Financial Technology)(Brief Article)
November 18, 2002... Razor Investment Management has bought Beauchamp Financial Technology's portfolio management software. Called FundManager, the system offers flexibility to houses with a range of funds, supporting FX, fixed income and equity based...

News Analysis: Specialist Managers - Specialist trend leads to vulnerability fears.
November 18, 2002... Three quarters of UK pension fund assets are now held in specialist briefs and such high exposure to specialist management could leave pension funds vulnerable to complex systems and high fees. According to Greenwich Associates, a US-based...

People News: MLIM's poaching woes continue.(Merrill Lynch Investment Managers)(Brief Article)
November 18, 2002... Another of Merrill Lynch Investment Managers' (MLIM) big hitters has been poached by a rival. UBS has appointed Bernard Hunter as global head of credit research to work with the credit team and the global equity team. Mr Hunter will join UBS in...

People News: Russell brings in hedge fund expert.(Brief Article)
November 18, 2002... Jeffrey Geller has been hired by Frank Russell Company to grow the institutional hedge fund business. In his newly created senior director's position of focusing on alternative investments, he said he would use the experience of running equity...

People News: Shalett heads up Alliance unit.(Allliance Capital Management)(Brief Article)
November 18, 2002... Alliance Capital Management has named Lisa Shalett as chairman and chief executive of its Sanford C. Bernstein unit. The announcement was almost buried under the publicity surrounding the departure of Ms Shalett's predecessor, Sallie Krawcheck....