PanAgora Asset Management, the Boston-based quantitative equity boutique, announced that longtime President and CEO Eric Sorensen has stepped down after nearly two decades at the helm.
Bryan Belton, a veteran portfolio manager at the firm, has been named president and CEO, said a PanAgora news release.
Sorensen will remain on PanAgora’s board of directors, taking on the role of vice chair.
It couldn’t immediately be learned whether Belton will be replaced in his portfolio manager role or retain his previous responsibilities.
In other developments, George D. Mussalli, a 20-year PanAgora veteran who has served as the firm’s CIO of equity strategies has been promoted to global CIO. It couldn’t immediately be learned whether Mussalli’s CIO of equity strategies role will be filled.
PanAgora reported $33.5 billion in assets under management as of March 31, roughly twice what the firm was managing when Sorenson took the helm in 2004.
