] CEO and its co-head of fixed income are both heading for the door.
, chairman of Delaware and global head of Macquarie Investment Management (Macquarie Group
owns Delaware), confirms that Delaware's CEO Pat Coyne
, 51, and its fixed income co-head See Yeng Quek
will both retire on September 30. Quek's fellow fixed income co-head, Roger Early
, will become the sole fixed income chief at the Philadelphia-based mutual fund shop.
Bruck confirms Coyne will help with the appointment of a successor and with the transition.
"We are very appreciative that he will be remaining with us to assist with the transition of leadership," Bruck states. "We are well advanced in the search for Pat's successor and expect to make an announcement in the near term."
has learned that Heidrick and Struggles
is helping Delaware with the search and that both internal and external candidates are being considered.
"Pat [Coyne] has strongly reinforced a performance-focused culture, built on a structure of internal investment boutiques supported by a market-leading sales and shared-services platform," Bruck adds. "Pat has led the business toward what it is today and his contributions will be missed by all of us. We wish him all our best for his retirement."
"It has been a privilege to lead an asset management firm of the caliber of Delaware and to work alongside the talented team of individuals that we have brought together," Coyne states. "I have great admiration for the team, which has made this decision very hard for me."
A 25-year Delaware veteran, Coyne took over as Delaware president and CEO, and chairman of its mutual funds' board, in 2006. He subsequently led Delaware through its sale
to Macquarie from Lincoln Financial.
Prior to Coyne's ascension to president and CEO, his positions at Delaware included: head of the municipal bond department, co-head of the fixed income department, and head of the equity group.
Quek has worked alongside Coyne at Delaware for 15 years. Prior to that he spent seven years at Conseco Capital Management.
As of December 31, Delaware worked with more than $185 billion in assets under management. Macquarie had about $372 billion in AUM worldwide as of September 30.
Check back for more updates as this story develops!
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