After having “successfully accomplished his mission,” Peter Bain — head of the Old Mutual Asset Management (OMAM) — resigned with immediate effect from his position as president, CEO, and director Friday. James J. Ritchie, chairman of OMAM’s board of directors, will serve as executive chairman and interim CEO until a replacement is found.
“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,” Bain said in a statement. “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.”
The $249.7 billion fund’s parent company, Anglo-South African financial services group Old Mutual is currently in the process of separating its four businesses (OMAM, Old Mutual Emerging Markets, Old Mutual Wealth, and South Africa’s Nedbank). Each asset is currently being sold off or listed. The split is estimated to be completed at the end of 2018.
Old Mutual currently owns 22.4% of OMAM. HNA Capital is set to acquire 15% of OMAM by the end of 2017, bringing Old Mutual’s stake in OMAM to 7.4%.
OMAM declined to comment.