Old Mutual Asset Management CEO leaves firm

Tom Turpin, chief executive of Old Mutual Asset Management, has left the firm just months after the firm’s parent, Old Mutual PLC, said that it planned a partial initial public offering of the business. In a statement today, Old Mutual PLC said that he has left “to pursue other opportunities.” Old Mutual chief executive Julian Roberts said in March that the firm planned a partial IPO of the U.S. asset management business. In an interview with sister publication Pensions & Investments, Mr. Turpin said that the IPO would help “unlock the intrinsic value in the business” and the “currency” provided by a stock market listing, and provide the firm with greater flexibility to build the business. Under the partial IPO, which is expected in the next three years, the parent company said that it planned to keep a majority stake in its U.S. asset management business. Old Mutual has retained a search firm to replace Mr. Turpin, but has not timeline for when it will fill the position, said Patrick Bowes, a spokesman for Old Mutual plc, the parent company. The firm has no plans to exit the asset management business, he said. In July, Old Mutual Asset Management announced an agreement to acquire an international equity portfolio management team led by Hans van den Berg from Invesco Ltd. Under that agreement, the team will form a new Old Mutual affiliate, Echo Point Investment Management. The transaction is expected to close by the end of this month. As of March 31, Old Mutual Asset Management affiliates had $263 billion in assets under management.