Head of portfolio management leaves Primus

Charles Truett, head of portfolio management at New York-based credit derivatives company Primus Guaranty, is retiring at the end of March.

Asserting his reasons for leaving were purely personal, Truett said: “I am looking at nothing whatsoever in the derivatives or risk or financial area.” After joining Primus in 2001, he was responsible for building the core portfolio of its operating company, which was established a year later.

Truett was previously Bank of America’s senior risk management executive for Asia, and had also served as senior credit officer for the bank’s derivatives and securities businesses in North and South America.

Primus said it was looking both internally and externally for a possible replacement.