Old Mutual AM CEO steps down
Old Mutual Asset Management (OMAM)’s Peter Bain is stepping down from his positions of president, chief executive officer and director he held since 2011, effective 30 June.
James Ritchie, chairman of the OMAM board of directors, will serve as executive chairman and interim CEO.
The board will look for the company’s new CEO.
Commenting on Bain’s departure, Ritchie said: “Peter has successfully accomplished his mission. He has delivered on his mandates to reshape the business, develop the leadership team, and achieve the company’s listing on the New York Stock Exchange, which has enabled Old Mutual plc to substantially achieve its stated objective of exiting its ownership of the business.”
He added: “We will be building on the solid foundation laid for the business during Peter’s tenure. This succession process comes at a time of strength for the company.
“Now that Old Mutual plc has substantially exited its position in the company, we will find the right person to best lead the business through its next phase of long-term growth.
“The end goal remains the same: a scale, diversified and profitable multi-boutique asset management firm with significant earnings growth that delivers substantial value to our shareholders.”
OMAM had around $249.7bn (€219bn) of assets under management as of 31 March 2017.