New Convergent CIO says market opportunities exist between 'greed and fear'

The uncertain direction of the economy and the markets remains the “key challenge” for investors, according to Ron Albahary, who was named chief investment officer for Convergent Wealth Advisors on Monday. “We believe in balancing a long-term view of markets with dynamically capitalizing on shorter-term themes or mispricings provided by investors' natural oscillation between greed and fear,” Mr. Albahary said. In his new role, Mr. Albahary will head Convergent's investment committee and manage Convergent's research team, the Investment Strategy Group. He will report to Steve Lockshin, Convergent's chief executive officer. Mr. Albahary, a 19-year industry veteran, was most recently head of strategic investment solutions for Schroder Investment Management North America Inc. He has also been a managing director of SEI Global Private Client Portfolio Management, chief investment officer of Merrill Lynch Retirement Group and a portfolio manager at Northern Trust Global Investments. Replacing Mr. Albahary at Schroder will be Justin Simler, head of Strategic Investment Solutions for the firm in London. Mr. Simler will "lend his expertise in building institutional and intermediary channels in Europe to the firm's activities in North America," said Carter Sims, Schroder's head of intermediary distribution.