Chris Bingaman was named co-chief investment officer at Diamond Hill Capital Management and Laurie Riebel was named managing director of institutional business, confirmed CEO Ric Dillon.
Mr. Bingaman replaces Mr. Dillon as co-CIO, sharing the position with Chris Welch, who was named co-CIO in June 2010. Ms. Riebel's position is new.
Mr. Bingaman will focus on the external communication of Diamond Hill's investment philosophy and process, including client-related team efforts and communications. He will report to Mr. Dillon. Mr. Bingaman will continue to be portfolio manager of the financial long/short strategy, Mr. Dillon said in a telephone interview.
Diamond Hill views the CIO position more as an external function; the strategies are led by portfolios managers, Mr. Dillon added.
Ms. Riebel will remain client portfolio manager and will report to CFO James F. Laird.
Diamond Hill's institutional business is the firm's fastest growing, accounting for nearly half of its $8.5 billion in overall assets under management, Mr. Dillon said.
“They both have done excellent jobs in their respective areas,” Mr. Dillon said. “Chris has been a guy I've gone to for all kinds of help and support over the years … as we grow as a firm, we need more people more involved in the business.”