Old Mutual AM chief steps down

Old Mutual AM chief steps down

Old Mutual Asset Management (OMAM)’s president, CEO and director Peter Bain is stepping down.

James J. Ritchie, chairman of the OMAM board of directors, will serve as executive chairman and interim CEO while the board searches for the company's next chief executive. 

Mr Bain had held these roles since 2011, and was responsible for overseeing all aspects of the business, including corporate strategy and development.

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He has more than two decades of experience leading and advising firms in the investment management industry, including holding several senior posts at Legg Mason.   

Mr Bain commented: "I am very proud of what we've achieved over the last six years. We restructured the business to focus on affiliates with high growth potential, became a public company, completed a successful new affiliate acquisition and executed 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."

Mr Ritchie added the business was positioning for the next stage of growth.

"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.

"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."

OM Asset Management is an associate of Old Mutual plc.