BrightSphere Appoints Kelly Young as President and Chief Executive Officer, Announces Rebranding as Acadian Asset Management Inc.
01 Outubro 2024 - 10:11AM
Business Wire
- Kelly Young to become CEO and Director
- BrightSphere Investment Group to rebrand to Acadian Asset
Management Inc.
- BSIG ticker to change to AAMI
BrightSphere Investment Group Inc. (NYSE: BSIG), or the
“Company,” today announced that it is taking the logical next step
in transitioning from its multi-boutique legacy structure to an
efficient, streamlined and singularly focused asset manager. As
part of this transition, which included the successful divestiture
of six (6) of the company’s seven (7) affiliates, the Board of
Directors has appointed Kelly Young, Chief Executive Officer of the
Company’s sole remaining affiliate, Acadian Asset Management, as
the Company’s President and Chief Executive Officer. Additionally,
Ms. Young has been appointed to the Board of Directors of the
Company. Ms. Young will continue to run the day-to-day operations
of the Acadian Asset Management business. All changes are effective
January 1, 2025.
Acadian, with $113 billion of assets under management and over
35 years of data-driven insights, is one of the top performing
systematic investment managers in the world with unique
capabilities in active equities, credit, and alternatives. Acadian
uses rigorous portfolio construction, risk controls, and trading
models to achieve outstanding investment performance, with 93%,
86%, 92% and 93% of strategies by revenue outperforming benchmarks
over 1-, 3-, 5-, and 10-year periods.
As part of the transition, BSIG plans to change its name to
Acadian Asset Management Inc., and the Company’s New York Stock
Exchange symbol for its common stock will change to AAMI from BSIG.
The Company’s New York Stock Exchange symbol for its 4.800% notes
due 2026 will change to AAMI 26 from BSIG 26. Trading under the new
name and symbol will begin on or about January 2, 2025.
“This repositioning of the public company allows for continued,
sustained success and organic growth,” said Ms. Young. “I’m excited
to continue working alongside the experienced team at Acadian and
the Board to deliver best-in-class investment performance,
diversified systematic strategies, and top-tier service to our
investors.” Ms. Young will lead the more streamlined enterprise
with a continued focus on generating alpha across its systematic
investment platform. She added, “client-centered engagement is at
the foundation of our business and will remain at the core of
everything we do.”
In connection with the appointment of Ms. Young as President and
Chief Executive Officer of the Company, Suren Rana will step down
as President and Chief Executive Officer, effective December 31,
2024. There are no additional changes in personnel at Acadian or
BrightSphere expected in connection with this transition.
“When I acquired our stake in BrightSphere, we had seven
different affiliates. Over time we sold six of the affiliates to
strategic acquirors and kept our crown jewel Acadian. This
simplification of our business also allowed us to return $1.3
billion of capital to shareholders via share buybacks and
strengthen our balance sheet by reducing debt. We also reduced our
corporate overhead by approximately 70% over time, while making
meaningful investments in expanding Acadian’s business into new
areas including credit and equity alternatives which we expect will
help generate sustained organic growth for the Company over time.
Collectively, these efforts have produced strong returns for our
shareholders. I thank Suren for his leadership and execution of
this business transformation and wish him continued success in his
future endeavors.
“This evolution to a single asset management company presents an
exciting opportunity to focus exclusively on this exceptional
business. At $113bn of AUM, Acadian has the scale, expertise, and
track record to prosper as an independent public company. Kelly has
years of hands-on experience building trusted relationships with
Acadian’s clients from around the globe and is best positioned to
lead the Company going forward. I look forward to continuing our
work to build future value for Acadian’s clients and our
shareholders,” said John Paulson, Chairman of the Board of
Directors.
About BrightSphere and Acadian
BrightSphere is a global asset management holding company with
one operating subsidiary, Acadian Asset Management, with
approximately $113 billion of assets under management as of June
30, 2024. Acadian offers institutional investors across the globe
access to a wide array of leading systematic strategies designed to
meet a range of risk and return objectives. For more information,
please visit BrightSphere’s website at www.bsig.com or Acadian’s
website at www.acadian-asset.com. Information that may be important
to investors will be routinely posted on the BSIG website.
Forward-Looking Statements
This press release includes forward-looking statements which may
include, from time to time, statements about the Company’s board
and management transition, the changes to the Company’s name and
New York Stock Exchange symbols, and the Company’s operations,
prospects and the anticipated performance of its business going
forward. The words or phrases ‘‘will be,’’ ‘‘will continue,’’
‘‘will remain,’’ ‘‘may be,’’ “plans,” and other similar expressions
are intended to identify such forward-looking statements. Such
statements are subject to various known and unknown risks and
uncertainties and readers should be cautioned that any
forward-looking information provided by or on behalf of the Company
is not a guarantee of future performance.
Actual results may differ materially from those in
forward-looking information as a result of various factors, some of
which are beyond the Company’s control. Additional factors that
could cause actual results to differ from the forward-looking
statements in this release include: the board and management
transition and the name and symbol changes may not occur as
expected, including on the planned timing, or result in the
expected benefits; our reliance on key personnel; our use of a
limited number of investment strategies; our ability to attract and
retain assets under management; the potential for losses on seed
and co-investment capital; foreign currency exchange risk; risks
associated with government regulation; and other facts that may be
described in the Company's most recent Annual Report on Form 10-K
filed with the Securities and Exchange Commission on February 28,
2024. Due to such risks and uncertainties and other factors, the
Company cautions each person receiving such forward-looking
information not to place undue reliance on such statements.
Further, such forward-looking statements speak only as of the date
of this press release and the Company undertakes no obligations to
update any forward-looking statement to reflect events or
circumstances after the date of this press release or to reflect
the occurrence of unanticipated events.
This communication does not constitute an offer for any fund
managed by the Company or any Affiliate of the Company.
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version on businesswire.com: https://www.businesswire.com/news/home/20240930147670/en/
Investor Relations ir@bsig.com (617) 369-7300
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