Mike Freno was named CEO and chairman at Barings, effective immediately.
Mr. Freno replaces Tom Finke who is retiring from the $354 billion money management firm at the end of November. Mr. Finke became CEO in 2016 and led the firm through the integration of Babson Capital Management; its subsidiaries, Cornerstone Real Estate Advisers and Wood Creek Capital Management; and Baring Asset Management. He will pursue another opportunity, a news release said.
Mr. Finke will join money manager Invesco's board of directors in December. He will support Mr. Freno through the transition period until his departure.
Mr. Freno was named president at Barings in February. He retains that role for now with no current plans to name a new president, a spokeswoman for Barings said. As president, he has integrated all of the firm's investments businesses, covering public and private credit, real estate and specialty equity markets, as well as operations, technology, product management, distribution and marketing. He joined Barings more than 15 years ago.
"Mike Freno is a strong and distinguished leader, with a record of profitably growing the business and serving our institutional investors globally," Mr. Finke said in the release. "He embodies Barings' values and dedication to serving our clients, firm and communities. As Barings' new chairman and CEO, Mike will continue to grow Barings as a global player in the asset management industry."
Mr. Freno said in the release that his first priority will be to engage virtually with clients and employees around the world.
