Peter Bain, the CEO, president, and director of Old Mutual Asset Management (OMAM), has decided to step down after serving in the roles for six years.

James Ritchie, chairman of the OMAM Board of Directors, will now serve as executive chairman and interim CEO till the company names a replacement for Bain.

Commenting on Bain’s departure, Ritchie said: “On behalf of the Board, I thank Peter for everything that he has accomplished at OMAM. We will be building on the solid foundation laid for the business during Peter’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.”

OMAM forms part of financial services group Old Mutual, which is currently in the process of splitting itself into four separate companies namely Old Mutual Emerging Markets, Old Mutual Wealth, Nedbank Group and OMAM. Old Mutual has been cutting down stake in OMAM as part of this strategy.


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