Peter Bain stepping down from OM Asset Management

Old Mutual affiliate asset manager OM Asset Management announced overnight that Peter Bain was stepping down from his roles as president, chief executive officer and director - positions he had held since 2011 - effective Friday.

The firm confirmed James J Ritchie, chairman of the OMAM board, would serve as executive chairman and interim CEO while the board conducted a “thorough” search for the company's next CEO.

“Peter has successfully accomplished his mission,” Ritchie said.

“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.

“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 said he was “very proud” of what both he and the company had 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.”