MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, May 10, 2022 An $88B-AUM Multi-Boutique Switches Chiefs 13 years after taking over a multi-manager mutual fund firm, the chief of that firm's PE-backed, multi-boutique parent has passed the reins.
"Gene Needles is no longer with Resolute or American Beacon Advisors," Ringdahl tells MFWire via email. "We are extremely grateful for his many years of service to both firms." Ringdahl confirms that his COO duties "have been delegated to the departmental heads and there are no plans to backfill the COO position directly." And he is not succeeding Needles as chairman. "The title was ceremonial since Kelso & Co. has effective control of Resolute through its majority ownership," Ringdahl writes. "The chairman title has not been reassigned." Ringdahl joined American Beacon as COO back in 2010, and he rose to president of American Beacon and Resolute in 2018. Earlier, he worked at Touchstone, Fidelity, Western & Southern, the Penobscot Group, and SSGA. He is an alumnus of the University of Notre Dame's Mendoza College of Business and of Boston University. Needles joined American Beacon as president back in 2009, a year after it was taken over by a pair of private equity firms. He stayed on in 2015 when Kelso bought American Beacon from the prior PE owners, and he later oversaw the creation of AB's multiboutique parent, Resolute, and its buildout via several acquisitions. Earlier, Needles led Touchstone and AIM Distributors. He also worked with MetLife, State Street, and Putnam. Resolute now has a team of 104 employees supporting six affiliates with another 102 employees combined. Resolute and its affiliates had $88.1 billion in combined AUM as of March 31, 2022. Printed from: MFWire.com/story.asp?s=64368 Copyright 2022, InvestmentWires, Inc. All Rights Reserved |
