Old Mutual Asset Management has announced today that its president and chief executive officer Peter Bain is stepping down after six years in charge.
Bain will cease, with immediate effect, his CEO and president roles, as well as his position as director, positions that he has held since 2011.
James Ritchie, chairman of the OMAM board of sirectors, will serve as executive chairman and interim CEO while the board conducts a “thorough search for the company’s next CEO”, the company said in a statement announcing the changes.
“Peter has successfully accomplished his mission,” said Ritchie.” 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.
“Our business is now at a positive inflection point with great momentum, and the board and Peter believe it is the right time to position the company for its next stage of sustained growth.”
Bain said that he is “very proud” of what the company has achieved over the last six years as it restructured the business to focus on “affiliates with high growth potential”, become a public company, complete a successful new affiliate acquisition and execute the sell-down process for Old Mutual plc.
“I am happy to hand over the business in good shape and want to thank my team for their dedication and support in our drive to create a great company,” he said.
Ritchie added that he believed that the 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,” he said. “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 is a global, multi-boutique asset management company with US$249.7bn of assets under management as of March 31, 2017. OMAM is an associate of Old Mutual Plc.