Old Mutual Asset Management (OMAM) CEO Tom Turpin has decided to leave the Boston-based money manager to pursue other opportunities, an announcement said Friday.
In the Sept. 10 statement, Old Mutual, the international long-term savings, protection and investment group with headquarters in the U.K., explained that Turpin will hand over day-to-day operations to Chief Operating Officer Linda Gibson.
Gibson is slated to hold the interim role as it begins a search to find its new CEO. She will report to Old Mutual Group Chief Executive Julian Roberts, the announcement stated.
The parent firm also notes in its statement that Turpin has led the business, which as of March 31 had $263 billion in assets under management, “through its continued development over the past two years,” and that he leaves the “business well positioned as a leading asset manager.”
“With the announcement of our intention to instigate a partial initial public offering, Tom has decided that it is the right time to pursue other professional and personal interests,” the firm offered as reasons for his determination.
Additionally, Old Mutual thanked Turpin for his more than eight years of significant contributions.
Furthermore, in a phone conversation this afternoon, an OMAM spokesperson revealed that the management transition is effective immediately. Also, when asked if Turpin revealed his possible future opportunities or interests to the company prior to his resignation, the spokesperson said that he did not.
Currently, the asset management arm is the holding company for 18 boutique firms, which specialize in “high-quality, active investment strategies” for its institutional and individual investor clients, the press release said.