Old Mutual Asset Management chief executive Peter Bain steps down

Caitlin Morrison
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The OMAM boss leaves today (Source: Getty)

Old Mutual Asset Management (OMAM) chief executive and president Peter Bain is stepping down today, after six years leading the business.

Bain has been president, chief exec and director of OMAM since 2011. He will be replaced in the interim by James J. Ritchie, chairman of the OMAM board, until a new chief executive is appointed.

"Peter has successfully accomplished his mission. He 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," said Ritchie.

"Our business is now at a positive inflection point with great momentum, and the board and Peter believe it is the right time to position the company for its next stage of sustained growth."

Bain added: "I am very proud of what we've achieved over the last six years. We restructured the business to focus on affiliates with high growth potential, became a public company, completed a successful new affiliate acquisition and executed the sell-down process for Old Mutual.

"I am happy to hand over the business in good shape and want to thank my team for their dedication and support in our drive to create a great company."

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