A midwestern mutual fund shop's president is moving on.

David Ribbens Heartland Advisors, Inc Former President and Managing Partner

Dave Ribbens, president and managing partner at Heartland Advisors [profile], recently left the Milwaukee, Wisconsin-based value equity mutual fund shop, MFWire has learned.

Cam Stephenson, vice president and director of marketing at Heartland, emailed MFWire the following statement:

Heartland has eliminated the position of President. As a result, Dave Ribbens is no longer with the Firm, and this position will not be replaced. We have an experienced Leadership Team that has assumed his responsibilities, and we are confident that our flatter structure is the right approach for the future. Our focus remains on serving our clients and sticking to our value discipline. We are grateful for Dave's contribution to our firm and wish him well as he pursues other endeavors.

Ribbens, for his part, tells MFWire that he has "a lot of respect for what they do" at Heartland.

"I wish my colleagues nothing but the very best in the future," Ribbens says.

When asked about what's next for him, Ribbens says he's "looking at a couple of different options."

"I'm taking a little time to answer that question," Ribben says, adding that in the meantime he's "keeping busy" with his angel investing work in the area.

Ribbens' moves comes shortly after Adam Peck, a PM on a $1.44-billion pair of Heartland funds, resigned from the firm.

An alumnus of Lawrence University, Ribbens first joined Heartland in 2008 and served as executive vice president and head of distribution before rising to president. Prior to joining Heartland he led retail distribution at First American Funds, and he spent more than a decade in a variety of roles at FAF parent U.S. Bank. He also worked at Valley Trust Company.

Will Nasgovitz, CEO and PM at Heartland, leads the fund firm. Will succeeded his father, Heartland founder Bill Nasgovitz, back in 2013, though Bill continues to serve as a PM. The Heartland leadership team also includes: Nicole Best, senior vice president, chief financial officer, and chief administrative officer; Paul Beste, SVP and chief risk officer; Jeanne Kolimaga, vice president of human resources; Vinita Paul, VP, general counsel, and chief compliance officer; and Stephenson. 

Edited by: Neil Anderson, Managing Editor


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