BrightSphere CEO Suren Rana steps down, Kelly Young succeeds

BrightSphere announced that it is taking the next step in transitioning from its multi-boutique legacy structure to a streamlined and singularly focused asset manager. As part of this transition, which included the successful divestiture of six of the company’s seven affiliates, the board of directors has appointed Kelly Young, CEO of the company’s sole remaining affiliate, Acadian Asset Management, as the company’s president and CEO. Additionally, Young has been appointed to the board of directors of the company. Young will continue to run the day-to-day operations of the Acadian Asset Management business. All changes are effective January 1, 2025. As part of the transition, BSIG plans to change its name to Acadian Asset Management 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. In connection with the appointment of Young as president and CEO of the company, Suren Rana will step down as president and CEO, effective December 31. There are no additional changes in personnel at Acadian or BrightSphere expected in connection with this transition.