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Walls makes early exit
Garrett Walls, head of U.S. institutional business at JPMorgan Investment Management for only about three months, quit to become director of institutional sales at Trust Company of the West. Mr. Garrett had worked at JPMorgan for 14 years; he succeeded Eve Guernsey after she was promoted to president of JPMorgan Investment Management.
At TCW, Mr. Walls replaces Mark Gibello, executive vice president, who moved into client servicing and is a liaison between TCW and its parent, Societe Generale. A spokeswoman for JPMorgan said Mr. Walls' replacement hasn't been named yet.
PBGC assumes plans
The PBGC took over the underfunded pension plans of bankrupt textile manufacturer Westpoint Stevens Corp. The pension plans for hourly and salaried workers are only 46% funded, with $260 million in assets and $566 million in liabilities. The company filed for bankruptcy June 1, 2003. Its assets were sold to a group led by Carl Icahn; the sale closed on Aug. 8. Under the terms of the purchase, the buyers did not assume liability for the pension plans.
Attorney targets Callan
San Diego City Attorney Michael Aguirre has filed a malpractice complaint against consultant Callan Associates, alleging "professional negligence" in providing advice to the $3.9 billion San Diego City Employees' Retirement System, said Maria Velasquez, spokeswoman. The complaint also alleges Callan wasn't able to meet a standard of care in advising the San Diego board, contributing to the system's $1.7 billion unfunded liability. The complaint "is only the first salvo," Mr. Aguirre...