Gardner Leaves Frank Russell for IDI

Michael Gardner - former manager of trading implementations in charge of the trading and operations of Tacoma, Wash.-based Frank Russell Securities' business lines, including transition management, policy implementations and commissions recapture - joined Institutional Direct Inc. (IDI), a wholly owned subsidiary of Bear Stearns, as senior managing director and head of transition services. In his new role, Gardner will guide clients through portfolio transition events, including changes in portfolio management and asset strategy shifts.

"There's a lot of infrastructure being built here," says Gardner. "We had built a pretty robust solution in terms of transition management at Frank Russell, and now I basically have to build a whole new robust platform."

Gardner's immediate goals at IDI are to provide clients with an "exceptionally transparent" fee structure and to implement a performance-based measurement for transition events using the T-Standard, which measures the implementation shortfall of an event from the time a plan sponsor terminated an old manager to when the performance clock starts for a new manager, he says.

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