Spiros 'Sig' Segalas, co-founder and longtime large-cap growth equity portfolio manager at Jennison Associates, has died at the age of 89.
Mr. Segalas co-founded Jennison Associates in 1969 along with six others and managed Jennison client portfolios for more than five decades, according to a news release Tuesday.
Kathleen McCarragher will continue to lead the large-cap growth equity team alongside Blair A. Boyer, the news release said.
The firm's large-cap growth equity portfolios had $56.1 billion in assets under management as of Sept. 30, according to the company's website.
Jennison CEO Jeffrey Becker said in the release: "I have deep respect and admiration for Sig and the legacy he has left at Jennison and across the industry. He will be greatly missed by all of us at Jennison. Our team feels a deep responsibility to live up to the values and commitment to excellence he embodied."
Mr. Becker, who joined the firm in 2016, will continue to lead Jennison, the release said, adding that "there will be no change to the investment process and no impact to the daily management of client portfolios."
Jennison, which managed $164 billion in client assets as of Sept. 30, is an affiliate manager of PGIM, the global asset management business of Prudential Financial.
PGIM had more than $1.2 trillion in assets under management as of Sept. 30.
Mr. Segalas' formal titles as president and chief investment officer were "reflective of his stature as founder and longest tenured senior investor," a Jennison spokeswoman said in an email.
"We do not have plans to replace his role as president or CIO," the spokeswoman added. "From a practical standpoint, each investment team lead effectively serves as the CIO of their respective investment disciplines."
