ICI taps Gallary as new COO

Oct 9, 2006 @ 12:01 am

The Investment Company Institute said Friday that it had tapped Peter H. Gallary as its chief operating officer.

He will be responsible for leading the ICI's finance, technology, membership relations, human resources and administrative functions, and will serve as a liaison to the board of governors and its committees in support of its governance process.

Mr. Gallary replaces Larry Maffia, who left in July to take on the role of president at ICI Mutual Insurance Co. of Washington, which isn't affiliated with the ICI, though the institute established it in 1987.

Mr. Gallary will report directly to ICI president Paul Schott Stevens.

Prior to joining the Washington-based ICI, Mr. Gallary was chief executive of The Boston Company Advisors Inc., and was the head of operations and a managing director at Boston-based Putnam Investments.

At Putnam, he served as a member of the executive and management committees, and as a director of Putnam Fiduciary Trust Co.

"[Mr. Gallary] has a rare combination of expert knowledge, hands-on experience and proven leadership in our industry, along with a keen understanding of the vital role mutual funds play in the global financial market," Mr. Stevens said in a statement.

Amaranth ends stakes in 10 companies

Amaranth Advisors LLC, which lost $6 billion in energy trades last month, has liquidated its holdings in a number of companies, the%A0;beleaguered hedge fund reported in filings with the Securities and Exchange Commission on Friday.

Amaranth, based in Greenwich, Conn., reported that it sold its stakes in 10 companies, including AnorMED Inc. and Grubb & Ellis Realty Advisors Inc.

The other companies are: Asia Automotive Acquisition Corp., Chardan North China Acquisition Corp., Chardan South China Acquisition Corp., ChipMOS Technologies (Bermuda) Ltd., Community Bankers Acquisition Corp., FreightCar America Inc., Mercator Partners Acquisition Corp. and TAC Acquisition Corp.

Also, the fund said Thursday that it will cut more than half its staff to reduce its operating expenses, according to published reports.

Job growth slows, unemployment dips

U.S. employers added 51,000 new jobs last month, falling short of Wall Street expectations, while the unemployment rate edged down to 4.6%, from 4.7%, in August, according to data released Friday by the Department of Labor.

The 51,000 job gain was the weakest since October 2005, when only 37,000 jobs were added after the Gulf Coast was battered by hurricanes.

Correction

Robert Cashill is the president and chief executive of Investors Bancorp. An article in the Oct. 2 issue of InvestmentNews identified him as the Pasadena, Calif.-based firm's chief operating officer.

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