The Wall Street Journal reports that the CEO of Artio Global Investors is stepping down.

Richard Pell, who has served as the firm's chief executive since 2007, according to WSJ reporter Kirsten Grind, will cede the top position to president and COO Tony Williams. Pell will remain with Artio as the CIO.

The company's lead independent director, Francis Ledwidge, will become chairman.

Artio has lost nearly half its AUM In the last twelve months on heavy outflows, and now manages $17.7 billion.

Pell explained the move, Grind writes, by saying that the firm's clients will be best served by his focusing on generating return. 

Edited by: Chris Cumming


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