Old Mutual Asset Management chief Bain steps down

Old Mutual Asset Management chief executive Peter Bain is stepping down from his role, effective today.

Bain is also president and director at OMAM and has held the positions since 2011.

OMAM chairman James Ritchie will take on the role of interim chief executive until Bain’s successor has been appointed.

Ritchie says Bain has “successfully completed his mission” at the company.

He says: “[Bain] 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.”

Ritchie adds: ” 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.”

Old Mutual sold down its majority stake in its US asset management arm in March.