After a five-month search, Old Mutual Asset Management has found a new CEO. The U.S.-based international asset management business of Old Mutual plc, has tapped former Legg Mason executive Peter Bain as its new president and CEO. Bain replaces Tom Turpin, who left last September to pursue other opportunities.
Bain, who will be based in OMAM's Boston headquarters, will start on February 22 and report to group chief executive Julian Roberts. Linda Gibson, who has been serving as interim chief, will resume her role as chief operating officer.
Bain will oversee OMAM's 18 affiliates with total AUM of $258 billion.
His arrival comes as OMAM's parent, Old Mutual, is planning a partial IPO of the U.S. asset management business.
In March of last year, Old Mutual revealed plans to pursue a partial IPO of OMAM within three years.
"Our plans have not changed," a company spokesman told The MFWire.com on Tuesday morning.
Bain is no stranger to working in a multi-boutique investment environment, having spent nine years at Legg Mason, most recently in the role of head of affiliate management and corporate strategy. He left Legg Mason in 2009.
Earlier, Bain was an M&A banker at Merrill Lynch and then at Berkshire Capital.
Bain will maintain his residence in Baltimore and work out of the Boston headquarters of OMAM.
The Old Mutual spokesman said the firm considered three criteria in its CEO search.
"We wanted someone who possesses a deep investment management industry experience and who not only supports the multi-boutique model but has deep experience working in that environment," the spokesman said. "It's also important for us to have somebody with a public company experience."
Old Mutual Asset Management (OMAM), the US-based international asset management business of Old Mutual plc, today announced the appointment of Peter L. Bain as its new President and Chief Executive Officer.
Peter Bain brings significant experience in the investment management industry and specific experience growing a multi-boutique investment organization. He was previously Senior Executive Vice President for Legg Mason, where he worked from 2000 to 2009, most recently serving as Head of Affiliate Management and Corporate Strategy. Prior to joining Legg Mason, Peter Bain was an M&A banker for Merrill Lynch & Co. and later for Berkshire Capital, where he advised clients on acquisitions and other strategic transactions involving investment management firms.
"This appointment is a key milestone for OMAM's growth plans. I am delighted that someone with Peter's successful track record of growing a diversified investment business has agreed to lead the company. We are confident that he has the right qualifications and experience to drive OMAM's success and growth strategy."
"I am very excited to be joining an organization with the breadth and diversity of investment talent as OMAM. I believe strongly that the multi-boutique model draws and retains exceptionally skilled investment professionals, and I look forward to leading this talented group as it pursues its growth agenda."
Peter Bain will be based in Boston, the headquarters for OMAM, and will assume the CEO position on February 22. Linda Gibson, the interim CEO for OMAM, will resume her prior role as Chief Operating Officer.
Old Mutual plc is an international long-term savings, protection and investment Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on the London Stock Exchange and the Johannesburg Stock Exchange, among others.
In the year ended 31 December 2009, the Group reported adjusted operating profit before tax of �1.2 billion (on an IFRS basis) and had �285 billion of funds under management at the year end. The Group has approximately 54,000 employees.