A handful of senior executives at Old Mutual Asset Management will be leaving the firm soon, as newly minted president and CEO Peter Bain moves to revamp the holding company's strategy, according to sources who declined to be named.
Those departing are Matthew J. Appelstein, executive vice president and head of global distribution; C. Christopher Herman, head of product and marketing; and senior vice presidents and relationship managers Stephen Clarke and Dennis Chandler, the sources said. James E. Mikolaichik, executive vice president and head of strategy, meanwhile, will be leaving within a few months, they said.
A search is under way for a new head of global distribution, who will be based outside the U.S.
Reached by telephone, a spokesman for the firm provided the following statement: “OMAM will not comment on specific personnel issues at this time. … Peter Bain was brought on as CEO in February to help OMAM grow, and the company will be sharing more about Peter's vision in the coming weeks.”
Mr. Appelstein couldn't immediately be reached for comment. Efforts to reach Messrs. Herman and Mikolaichik were unsuccessful.