Opalesque Industry Update - Old Mutual Asset Management (OMAM), the U.S.-based global asset management business of Old Mutual plc, today announced a series of organizational changes and executive appointments designed to align the company’s executive structure with its strategic objectives. These moves are a cornerstone of Chief Executive Officer Peter Bain’s strategic plan for OMAM. Mr. Bain was appointed CEO in February of this year.|
Steve Belgrad, currently Chief Financial Officer of HarbourVest Global Private Equity Limited, has been named Chief Financial Officer of OMAM, effective June 1, 2011. Mr. Belgrad previously held positions at Affiliated Managers Group in the New Investments area and was SVP and Treasurer at Janus Capital Group. Additionally, Mr. Bain has commenced a search for a Head of Global Distribution who will be based outside the United States. These individuals will join Mr. Bain and Linda Gibson, Chief Operating Officer and Head of Affiliate Management, to form OMAM’s executive management team. Mr. Bain also announced today the appointment of Aidan Riordan, a partner at Calvert Street Capital Partners, as Senior Vice President and Director of Affiliate Development, reporting to Ms. Gibson. Mr. Riordan, who will join OMAM July 1, 2011, was previously at Castle Harlan Inc. and Berkshire Capital.
Under the new framework, Mr. Bain will have three principal direct reporting units: Affiliate Management, headed by Ms. Gibson; Finance and Corporate Development, headed by Mr. Belgrad; and Global Distribution, to be headed by the individual selected through the active search currently in process.
OMAM’s executive management team has been tasked with executing Mr. Bain’s strategic plan for growth in the following critical areas:
· Effective affiliate management through development of investment talent, innovative strategies, institutional products and streamlined operating structure;
· Strategic global distribution efforts that leverage OMAM’s international reach to promote the affiliates’ investment talents and gather client assets; and
· Creative and disciplined finance and corporate development--including the strategic seeding of new investment ideas and selective acquisitions.
“The addition to our organization of accomplished, talented professionals like Steve and Aidan, combined with Linda’s exceptional leadership in working with our affiliate firms, and our hiring of a global leader for our distribution efforts, reaffirms our commitment to innovation within the multi-boutique model,” said Mr. Bain. “These new additions will give OMAM the strong team we need to execute on our growth strategy and serve the needs of our affiliates and global investors.”