Wednesday, November 07, 2012
American Century Brings on a New Exec
News summary by MFWire's editors
There will be a new face around American Century’s
According to a report in the Kansas City Star
, Patrick Bannigan
has joined the firm as chief operating officer and executive vice-president.
Brannigan will be succeeding the retiring Barry Fink
, who will leave the firm on February 15 following a transition period.
Most recently. Brannigan worked at RiverSource
during its merger with Columbia Management
The original news release from American Century is below.
Company Press Release
AMERICAN CENTURY INVESTMENTS NAMES PATRICK BANNIGAN
EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER
KANSAS CITY, Mo., Nov. 6, 2012 — American Century Investments, a leading asset management firm, announced the appointment of Patrick Bannigan to executive vice president and chief operating officer (COO), effective earlier this week on Nov. 5. Bannigan succeeds current COO Barry Fink, who is retiring from the $124 billion* firm next year.
“With his extensive asset management industry experience, Patrick is a great addition to an already strong leadership team,” said Jonathan Thomas, president and chief executive officer of American Century Investments. “We look forward to tapping his operational expertise as we continue to grow the company by focusing on making our clients successful.”
As chief operating officer, Bannigan has oversight responsibility for all operational, technological and financial activities. Specific areas reporting to Bannigan include finance, investment operations, client operations, facilities and real estate and information technology. He also serves on American Century’s management committee, the firm’s senior leadership team responsible for establishing and executing strategic priorities.
“I’m excited to be joining American Century at such a promising time in the company’s 54-year history,” said Bannigan. “From its strong positive net investment streak to its recent assets under management record, I know I’m joining a firm with incredible momentum and look forward to helping the company build on its current success.”
Bannigan’s most recent position was with RiverSource (now Columbia Management and part of Ameriprise Financial), where he served as president of RiverSource Funds and senior vice president and general manager of RiverSource Investments. In that role, he was responsible for managing the overall business, including the operational aspects of the investment management division. Previously, Bannigan was managing director and global head of product for Morgan Stanley Investment Management (MSIM), where he oversaw the management and development of MSIM’s retail and institutional product lines.
Earlier in his career, he served as president of Touchstone Investments, a third-party wholesale distributed and subadvised mutual fund provider. He also had experience with Evergreen Investments as director of strategic planning, mergers and acquisitions and product development. Previously, he was with Alliance Capital Management, where he was a member of its legal department.
Bannigan holds a bachelor’s degree from Guilford College (Greensboro, N.C.) and a juris doctorate from the Oklahoma City University School of Law. He also serves as a director on the boards of two nonprofit organizations: the “Rx Matters Foundation” and “All-In to Fight Cancer.”
Earlier this year, Barry Fink, who has served as American Century’s COO since 2007, announced he would retire from the company, effective Feb. 15, 2013. He plans to remain in the Kansas City area and will continue his role as an American Century mutual fund board director.
“Barry has been a great fit for American Century because he embodies the same core values that have been the hallmark of our company since the founding of the firm in 1958,” said Thomas. “Much of the progress we’ve made over the past few years was in no small part due to Barry’s tremendous leadership of our operations group, working in tandem with other parts of the organization. While his daily presence will be missed, I’m excited that in his role as a fund director, American Century and our clients will continue to benefit from his intelligence and industry experience.”
American Century Investments is a leading privately held investment management firm, committed to delivering superior investment performance and building long-term client relationships since 1958. Serving investment professionals, institutions, corporations and individual investors, American Century Investments offers a variety of actively managed investment disciplines through an array of products including mutual funds, institutional separate accounts, commingled trusts and sub-advisory accounts. The company's 1,300 employees serve clients from offices in New York; London; Hong Kong; Mountain View, Calif. and Kansas City, Mo. James E. Stowers Jr. is founder of the company, Jonathan S. Thomas is president and chief executive officer and Enrique Chang is chief investment officer. Through its ownership structure, more than 40 percent of American Century Investments' profits support research to help find cures for genetically-based diseases including cancer, diabetes and dementia. For more information, visit www.americancentury.com.
*Assets under management as of Sept. 30, 2012
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