Jae Park, executive vice president and chief investment officer of Loomis, Sayles & Co., will retire March 31 after 19 years at the firm.
David L. Waldman, executive vice president and deputy CIO, will take over as CIO when Mr. Park retires, the company announced in a news release Tuesday.
Mr. Waldman was appointed Loomis Sayles’ first deputy CIO in 2013 “a role we established … in support of Jae and his eventual succession plan. There are no plans to appoint another deputy CIO at this time,” spokeswoman Orla O’Brien said in an email.
In the CIO role, Mr. Waldman will oversee all Loomis Sayles’ investment, research and trading teams except for the firm’s growth equity strategies unit, which is led by Aziz V. Hamzaogullari, executive vice president, and CIO and portfolio manager of the team, the news release said.
Mr. Waldman will report to Kevin Charleston, Loomis Sayles’ chairman, CEO and president.
“David is the ideal successor to Jae. They have been longtime partners … and David has been instrumental in building key components of the firm’s investment infrastructure over the past 13 years,” Mr. Charleston said in the release.
He noted that assets under management during Mr. Park’s tenure at the firm rose to the current peak of $328 billion as of Sept. 30 from $54 billion when he joined the firm as CIO of fixed income in 2002.