JOHANNESBURG, June 30 – Old Mutual Asset Management (OMAM) has announced that Peter Bain is stepping down from positions he has held since 2011, including his roles as president, chief executive officer and director, effective on Friday.
OMAM is an associate of South African financial services group, Old Mutual plc.
OMAM said chairman James Ritchie would serve as executive chairman and interim chief executive while the board conducts a thorough search for the company’s next leader.
Ritchie said Bain has successfully accomplished his mission and delivered on his mandate.
“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,” Ritchie said.
“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 said they would be building on the solid foundation laid for the business during Bain’s tenure.
“This 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.
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.”
Bain said he was very proud of what OMAM had 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,” Bain said.
“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.”