Five Old Mutual Asset Management
] executives, including head of global distribution Matt Appelstein
, will be departing the company, Pensions & Investments'
Douglas Appell reports
, citing anonymous sources.
Old Mutual is searching for a replacement for Appelstein, according to the report, which also stated that his successor will be based outside the U.S.
The other four executives that are leaving are Christopher Herman
, who runs product and marketing,
James E. Mikolaichik
, who heads up strategy, and senior vice presidents and relationship managers Stephen Clarke
and Dennis Chandler
The news comes two months after Old Mutual installed a new CEO for its asset management arm. Former Legg Mason executive Peter Bain
started at Old Mutual on February 22, taking on the role previously held by Tom Turpin, who left last fall. Old Mutual is looking at a partial IPO of its asset management business, which could happen by the end of 2012.
An Old Mutual spokesperson declined to comment to P&I about personnel matters and added that the firm "will be sharing more about Peter's vision in the coming weeks."
Armie Margaret Lee
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