BOSTON (Reuters) – Two managing directors overseeing alternative investments at Wilshire Funds Management quit the firm in June, a person familiar with the matter said on Tuesday, as employees appeared increasingly disgruntled about its lack of commitment to the sector.
A Wilshire spokeswoman confirmed the departures of Monique Miller and Jonathan Miles. Miles led the alternatives research and advisory business at Wilshire’s consulting unit, while Miller headed alternative business development strategy. Miles recently took a position with Ascent Private Capital Management, according his LinkedIn profile.
The executives left less than two months after Managing Director Nicolas Amato, who headed alternative investment activities, left in early May.
Alice Zeng, an associate who worked directly for Amato left in recent weeks, the source said.
The alternative investment group at Wilshire, one of the industry’s best known investment and consulting firms, helps clients like pension funds construct portfolios that include hedge funds. Demand for such services has rebounded recently as investors want steady returns with less risk.
But two former Wilshire employees say the firm has not made a committed effort to build up the business. Wilshire declined to comment.
Andrew Jarrous, who also reported to Amato and who had been a vice president for hedge fund manager research with expertise in global macro and relative value strategies, left Wilshire around the same time that Amato resigned.
Amato’s group had three other staffers. Miles’ group also had three other employees, who remain at the company, the source said.
Reporting by Svea Herbst-Bayliss; Editing by Richard Chang