The Boston-based global equities manager today said that Gary L. Bergstrom, Chairman, has announced plans to retire at the end of this year. Ronald D. Frashure, CEO of Acadian, will become Chairman, while Bergstrom plans to remain involved with Acadian as a senior consultant.
Frashure will transfer his role as chief executive to Churchill G. Franklin, who will assume the title on January 1, 2013. According to the announcement, Franklin has been with the firm for 25 years. He is currently a member of Acadian’s Executive and Operating Committees and serves as executive vice president overseeing client service, sales, marketing and IT. Ross A. Dowd, senior vice president, assumed responsibility for global marketing and client service earlier this year, and will continue to head this area. John Chisholm, a 26-year veteran of the firm, will continue as Acadian’s Chief Investment Officer with a dedicated focus on directing the firm’s portfolio management and research efforts, according to the firm.
“While under discussion for several years, the formal succession planning process began 18 months ago with the help of an outside consultant, Focus Consulting Group,” said Frashure. “We considered internal and external candidates, and are delighted that Churchill will ultimately take on the CEO leadership role. Churchill has been with Acadian since 1986 and has been a major factor in our success. His long tenure with the firm ensures the continuity of our culture and the stability of the organization. I look forward to working closely with him over the next 15 months as we transfer the CEO role. Our focus will be on continuing to enhance Acadian’s investment process and product offerings and developing the next generation of leaders at the firm.”
Acadian specializes in active global and international equity strategies as well as emerging markets fixed income. As of August 31, 2011 the firm managed $45.7 billion of assets, according to a press release.
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