Peter L. Bain was named president and CEO of Old Mutual Asset Management.
Mr. Bain was senior executive vice president and head of affiliate management and corporate strategy for Legg Mason, according to an Old Mutual news release. Legg Mason spokeswoman Mary Athridge said in a telephone interview that Mr. Bain left in March 2009 and his duties were assumed by other executives at the company.
Mr. Bain, who starts Feb. 22, succeeds Thomas M. Turpin, who left the company in September, following an announcement in March that Old Mutual Asset Management was considering pursuing an initial public offering, Old Mutual spokesman Chris Herman said in a telephone interview.
Interim CEO Linda Gibson will return to her position as chief operating officer at OMAM.
“I believe strongly that the multiboutique model draws and retains exceptionally skilled investment professionals, and I look forward to leading this talented group as it pursues its growth agenda,” Mr. Bain said in the news release.
OMAM had $258 billion in assets under management as of Sept. 30.
Mr. Bain could not immediately be reached for comment.