A $41.5-billion-AUM asset manager's chief investment officer is passing the reins to a pair of company veterans in newly created roles. Yet the CIO of 35 years is staying on, too.

Brian McMahon Thornburg Investment Management Vice Chairman, Chief Investment Strategist

This morning, Jason Brady, president and CEO of Thornburg Investment Management [profile], confirms that he has promoted Ben Kirby and Jeff Klingelhofer to serve as co-heads of investments, reporting directly to Brady. Current CIO Brian McMahon, meanwhile, will continue to serve as a PM and as the Santa Fe, New Mexico-based mutual fund firm's vice chairman, and he will switch from CIO to chief investment strategist.

Ben Kirby Thornburg Investment Management Co-Head of Investments

Both Klingelhofer and Kirby have been serving as PMs and managing directors. Kirby started with Thornburg on the equities side of the business, while Klingelhofer started on the firm's fixed income side.

"Aligning the team under Ben [Kirby] and Jeff [Klingelhofer] brings more transparency and clarity to the investment team reporting structure, and helps position Thornburg for its next phase of growth," Brady states, lauding the freshly promoted duo as "exceptional leaders."

Jeffrey Klingelhofer Thornburg Investment Management Co-Head of Investments

The three-way move comes after McMahon passed two other hats, president and CEO, to Brady at the beginning of 2016.

Kirby, an alumnus of the University of Oklahoma and of Fort Lewis College, joined Thornburg in 2008 as an equity research analyst, after working at Pinnacle Business Systems. At Thornburg, he rose to associate PM in 2011 and full PM in 2013.

Klingelhofer, an alumnus of the University of Chicago's Booth School of Business and of UC Irvine, joined Thornburg in 2010 as a fixed income analyst after working with DBRS and Pimco. At Thornburg, he rose to associate PM in 2013 and full PM in 2015.

McMahon, an alumnus of Dartmouth College's Tuck School of Business and of the University of Virginia, has served as Thornburg's CIO for 35 years, since joining in 1984 after working at Norwest Bank. At Thornburg, he added the position of president in 1997 and CEO in 2008.

As of August 31, 2019, Thornburg had $41.5 billion in AUM and $1.4 billion in AUA. 

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