will look elsewhere for its new CEO. The London-based fund firm revealed earlier this year that it will split the roles of chairman and chief executive officer and that it was looking at both internal and external candidates for the job. Charles W. Brady
has held both posts since the early 1990s.
Tuesday, Amvescap's board said that the search would only include external candidates.
"Notwithstanding the exceptional quality of the internal candidates, the Board has determined it is in the best interest of the Company to expand leadership talent by appointing an external candidate as CEO," it said in a statement.
The search committee is made up of non-executive directors, including Rex D. Adams Edward P. Lawrence and Bevis Longstreth. They are being assisted by an international executive search firm.
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