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Money Management

OMAM appoints new CEO

Stephen H. Belgrad

Stephen H. Belgrad was named president and CEO of OM Asset Management, effective March 2, a news release from the firm said.

Mr. Belgrad, who was chief financial officer, will replace James J. Ritchie, OMAM's chairman, who also has been serving as interim CEO since Peter Bain resigned June 30.

"After a broad-based search that included a number of highly qualified candidates, the board believes that Steve brings the talent and wide range of skills and experiences we need to lead our business through its next leg of growth," said Mr. Ritchie in the news release.

Mr. Ritchie added: "With an industry background that includes senior management roles in traditional, multiboutique and private equity asset management firms, Steve is widely known and highly regarded across the sector."

Prior to joining OMAM as executive vice president and CFO in 2011, Mr. Belgrad was CFO of HarbourVest Global Private Equity. He was also previously a vice president in the new investments group at Affiliated Managers Group, and prior to that, senior vice president and treasurer at Janus Capital Group.

This is the first time Mr. Belgrad has taken on the role of CEO.

OMAM does not plan to search for a CFO replacement, a spokesman said. Daniel K. Mahoney, the company's controller and chief accounting officer, will serve as OMAM's head of finance, principal accounting officer and principal financial officer.

Mr. Belgrad was named to OMAM's board on Jan. 30.

OMAM had $243 billion in assets under management as of Dec. 31.