Kevin P. Barr, executive vice president, head of investment management unit and asset management distribution at SEI Investments, will step down Jan. 3 as part of a global realignment of the company's asset management business and related units.
Under the realignment, SEI's adviser business, institutional business, investment management unit, asset management distribution business, and private wealth management business will now report to Wayne M. Withrow, executive vice president, head of global asset management, the company said in a Tuesday release.
Mr. Barr will work with Mr. Withrow and senior leadership of SEI's asset management businesses during the interim to "ensure a smooth and seamless transition to the new organizational structure," the release noted.
The changes are being made to "capitalize on market opportunities and accelerate the company's next chapter of growth," the release said.
SEI added in the release that it is "not currently changing any of its segment reporting in connection with the organizational and leadership change, and the aligned areas will maintain their market orientation."
Based in Oaks, Pa., SEI had about $403.6 billion in assets under management and $889 billion in client assets under administration as of June 30.
SEI could not immediately be reached for further details.
