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MONEY MANAGEMENT

Dimensional Fund Advisors names Dave Butler co-CEO

Dave Butler was appointed co-CEO at Dimensional Fund Advisors, replacing David Booth, the firm's founder, who will remain executive chairman, the company announced Wednesday.

Mr. Butler will share the co-CEO title with Eduardo Repetto, who has been co-CEO with Mr. Booth since 2010. Mr. Butler will also join the firm's board of directors. Mr. Repetto is also co-CIO, sharing the title with Gerard O'Reilly.

A post on the firm's website said Mr. Booth “will remain closely involved in the firm on strategic initiatives.”

“We are excited about this announcement and are confident that the co-CEO model, which has worked well for our clients and the management of our firm over the past seven years, remains the best structure going forward,” Mr. Booth said in a statement on the website.

Mr. Butler, who had served head of global financial adviser services at the Austin, Texas, money management firm, will also continue in that role, the statement said.

“I know from my close interactions with both Dave and Eduardo that they have a very clear understanding of the vision for the company,” Mr. Booth added in the statement. “I am confident we have the people, the capabilities, the client base and the connections with leading thinkers to continue to make a difference for investors.”

Dimensional Fund Advisors has $460 billion in assets under management.