The top dog at a Southern California value mutual fund and asset management shop is stepping down but not out. Today San Diego-based Brandes Investment Partners
] sent a client letter, obtained by MFWire
, revealing that CEO Glenn Carlson
will step down on February 1. Brent Woods
, managing director of investments, will take Carlson's place.
Randy Diamond of Pensions & Investments
on the coming CEO swap.
According to the letter, 25-plus-year Brandes veteran Carlson will stay with Brandes as senior partner and member of its investment oversight committee, though he will leave the investment committee for Brandes' biggest strategy, large-cap. That committee will split into two on February 1, the day Carlson steps down.
Carlson is stepping down "for personal and professional reasons," the letter reads.
As of September 30, Brandes boasted 391 employees and $29.8 billion in assets under management. That includes its Brandes Institutional Mutual Funds
lineup, which had $1.164 billion in non-money market AUM as of February 28, 2011, according to Morningstar. Chairman Charles Brandes
founded the value shop in 1974.
Neil Anderson, Managing Editor
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