Old Mutual Asset Management's Chairman To Step Down

Robbie Lawther

3 July 2017

Peter Bain is stepping down as president, chief executive and director of , positions he has held since 2011.

James Ritchie, chairman of the board of directors, will serve as executive chairman and interim CEO while the board searches for the next chief executive, OMAM said in a statement.

“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 to substantially achieve its stated objective of exiting its ownership of the business,” said Ritchie. “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.”

Ritchie 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 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 is a global, multi-boutique asset management company with $249.7 billion of assets under management.