NEW YORK, December 8, 1998 - James R. Tesone, a highly regarded fixed-income portfolio manager, has joined Carret and Company, the New York money management firm, as senior managing director and chief investment officer - fixed income. The appointment was announced today by William H. Webber, Jr., Carret's president and chief executive officer.
"For years, Carret has been known for its expertise in equity investing," said Webber. "The arrival of Jim Tesone, an experienced professional, gives the firm a strong new presence in the market for fixed-income securities."
Webber said Tesone's investment record has consistently been in the top performance quartile and ahead of standard benchmarks. He also noted that, with Tesone joining the firm, Carret's total assets under management now top $1.4 billion, an increase of some $500 million in the past year.
Tesone, 41, had been with American Asset Management, where he was managing director and chief investment officer for fixed-income products since 1995.
From 1988 to 1994, he was managing director and chief investment officer for Prudential Securities Investment Management.
Before that, Tesone ran all portfolios for The Robert Wood Johnson Foundation, an $8.7 billion national philanthropy.
Tesone is a 1979 graduate of Fordham University with a bachelor's degree in accounting and received an MBA in finance, with honors, from Fordham in 1984.
Carret and Company is an affiliate of Matrix Global Investments, a private investment firm that is building a global operating business by investing in high quality asset management firms with non-overlapping products and helping them grow. Matrix Global is closely affiliated with Castle Harlan Inc., the New York merchant bank.