In less than two weeks, Peter Bain will take over as president and CEO of Old Mutual Asset Management (OMAN), a measure that would permanently replace the role left vacant following Tom Turpin's departure in September.
Last fall, the U.S.-based asset management arm of U.K. headquartered Old Mutual disclosed that Turpin had resigned to pursue other opportunities after eight years with the firm. At the time, OMAN explained that due to the “announcement of [its] intention to instigate a partial initial public offering,” Turpin had decided that it was “the right time to pursue other professional and personal interests.”
During the interim, Old Mutual Group Chief Executive Julian Roberts awarded day-to-day operations to Chief Operating Officer Linda Gibson until its new CEO was put in place. With Bain’s Feb. 22 start date, Gibson will resume her prior executive position at the Boston-based subsidiary, today’s announcement noted.
“This appointment is a key milestone for OMAM's growth plans,” Roberts said Tuesday. “…We are confident that he has the right qualifications and experience to drive OMAM's success and growth strategy.”
Such experience can be seen during Bain’s 10-year stint at Legg Mason that began in 2000. During his time at the Baltimore-based asset management firm, Bain worked as a senior executive VP and was head of affiliate management and corporate strategy. His tenure ended in 2009.
Also, prior to Legg Mason, Bain was a mergers and acquisitions banker for Berkshire Capital and Merrill Lynch, the Feb. 8 press release said.
In his comments, Bain highlighted that because OMAN’s “multi-boutique model” is able draw and retain “exceptional skilled investment professionals,” he believes he and the “this talented group” will be able to “pursue its growth agenda.”
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. As of Sept. 30, OMAN and its affiliates had approximately $258 billion in assets under management.