Donaldson, Lufkin & Jenrette's money management arm doesn't want accomplished senior executives to fade away into the sunset of retirement.
So, as Stanley A. Nabi, former chief economist and strategist at Bessemer Trust, approached the bank's mandatory retirement age of 65, executives at DLJ's Wood, Struthers & Winthrop saw an opportunity to strengthen their shop.
On Oct. 2, two days after leaving Bessemer, Mr. Nabi started work at Wood Struthers as a vice chairman and chief of the firm's investment policy committee.
Mr. Nabi has reunited with two other Bessemer veterans - G. Moffett Cochran and Guy. S. Waltman - who are chief executive and vice chairman respectively of Wood Struthers, which has no mandatory retirement age.
"It was a normal retirement, but he didn't want to leave the business so he found a new home," said Timothy J. Morris, senior executive vice president at Bessemer.
Mr. Waltman left Bessemer in January to head up Wood Struthers' trust subsidiary, Winthrop Trust, which opened for business last May.
Mr. Cochran worked with Mr. Nabi and Mr. Waltman for over seven years until he left Bessemer in 1992 to join Wood Struthers.
"We need additional help, especially in the large-cap equity area," Mr. Cochran said.
"He's one of these absolutely obsessed people in our industry. He is a great teacher, and we have a young group," Mr. Cochran added.
Wood Struthers has $3.5 billion under management. Bessemer, a privately held bank, has $9 billion under management and over 700 clients.
Mr. Nabi said that size is the only difference between the companies, and he finds it somewhat easier to invest by taking smaller, and consequently more nimble, positions in markets.
Mr. Nabi said that in anticipation of his retirement, Bessemer had filled three positions, including Mr. Morris', over the past three years.
Mr. Morris, who oversees Bessemer's domestic investments, said it's not likely Mr. Nabi's position as economist would be filled.
"There's enough economic data available that we feel comfortable using the investment team to interpret that data and incorporate that into investment strategy," Mr. Morris said.
