STAMFORD, Conn. (HedgeWorld.com)–Northern Trust Global Advisors, the multi-manager specialist owned by Northern Trust Co., hired Kenneth Stemme as director of hedge funds.
Mr. Stemme previously was with American Express Asset Management, Minneapolis, where he was a managing director and co-manager of six funds of funds, according to a Northern statement. American Express has not named a replacement for Mr. Stemme, according to an American Express spokesman. The hedge fund group is under the direction of Bruce Lamo, the spokesman said.
Mr. Stemme had been with American Express since June 2001. American Express was hit with a string of departures from its hedge fund area in early 2002, reportedly over compensation issues .
At Northern, Mr. Stemme will be responsible for finding, evaluating and monitoring hedge funds, according to a Northern statement. He also will participate in asset allocation and portfolio construction decisions. He reports to Margaret Towle, chief investment officer of Northern Trust Global Advisors.