Bain was previously a senior executive vice president at Legg Mason, where he worked from 2002 to 2009, most recently as head of affiliate management and corporate strategy.

Bain takes over the position on 22 February from Linda Gibson, who has been acting as interim CEO for the firm since the former chief executive, Tom Turpin, stepped down last September. Gibson will resume her previous role as chief operating officer.

“We are confident that has the right qualifications and experience to drive OMAM's success and growth strategy," said Julian Roberts, group CEO.

OMAM is a multi-boutique investment firm, with 18 affiliated investment managers and around $258 billion in assets under management.