Chase Manhattan Corp. has hired two seasoned equity specialists for its institutional investment management group, nine months after creating a new identity for the unit.
Chase Asset Management Inc. last week brought on board Pamela Carlton, an investment strategist from Morgan Stanley & Co.; and Terry Goodwin, a head equity trader from Union Bank of Switzerland. Chase created the asset management unit last year to house its institutional accounts in a boutique distinctly set apart from the bank.
That structure enabled Chase to attract its two latest hires, observers said last week.
"You're not going to be able to attract good talent unless they feel the commitment to money management is really there, which at a bank is sometimes a question mark," said J. David Barrett, a partner in the Heidrick & Struggles executive recruiting firm..
George R. Wilbanks, a managing director of Russell Reynolds Associates Inc. echoed that sentiment.
"Being in an independent, stand-alone boutique environment within a bank has proven to be a successful formula," he said.
Ms. Carlton, who spent the past 14 years with Morgan Stanley, was named director of U.S. equity research for Chase Asset Management. Mr. Goodwin, the new director of global equity trading, came back to Chase after five years at UBS Asset Management.
They both report to David A. Klassen, the senior investment officer of Chase Equity Associates, one of the four nine-month-old boutiques within Chase Asset Management.
"The structure is important," Mr. Klassen said. "It illustrates Chase's commitment to the business and understanding of what it takes to maintain and build a successful investment manager."
A registered investment adviser, Chase Asset Management manages approximately $30 billion in four distinct investment areas: domestic equity, international equity, domestic fixed-income, and global fixed- income and cash. It is part of Chase Global Asset Management, which has more than $115 billion under management.
At Morgan Stanley, Ms. Carlton most recently held the position of director of global operations for equity research. A Morgan Stanley spokeswoman said vice president Joseph Gagliardi takes over that job, reporting to Mayree Clark, global director of equity research.
UBS promoted John Pitarresi to replace Mr. Goodwin as head of equity trading, a spokeswoman said.
"Clearly these are significant hires for us to enhance our visibility and capabilities and really reinforce what we have been doing in the last couple of years," Mr. Klassen said. "We do think we've differentiated ourselves."
