(March 22, 2012) -- Lawrence Davanzo, president of Wilshire Associates, has resigned, and John C. Hindman has been appointed to serve in his place.
It is well-known that Wilshire was on the sale block, and that Davanzo was responsible for its sale. According to sources, majority owner and chairman & chief executive officer Dennis Tito was unhappy with the bids being brought in for Wilshire.
It was a disagreement between Davanzo and Tito over these bids that led to his resignation, sources say.
Hindman has been appointed president of the firm effective immediately, reporting directly to Tito.
This was Davanzo's second stint at Wilshire. He founded Wilshire Consulting in 1980, and in 1991, left Wilshire Associates to form Asset Strategy Consulting, an independent investment consulting firm. In 2000, Asset Strategy merged to form InvestorForce, an internet technology platform serving institutional investors.
He rejoined the firm in October 2004 to further develop the firm’s asset management activities.
Davanzo began his career at Endowment Management & Research in Boston, at Yale University's investment arm, where he was responsible for portfolio strategy.