Dunn to Leave BGI Post Due to Health Problems

June 21, 2002 (PLANSPONSOR.com) - Barclays Global Investors (BGI) has named two Global Co-CEOs to succeed Pattie Dunn who is stepping down as Global CEO of BGI to focus on her recovery from breast cancer and melanoma.

A BGI announcement said Blake Grossman and Andrew Skirton will take over for Dunn. Dunn will continue to serve in a non-executive capacity as Vice Chairman of BGI, the company said.

Grossman, who is well liked within the firm, and is highly regarded outside it, has been with BGI or its antecedents since 1985 – Skirton has been at Barclays since 1989. Both have been members of the firm’s Global Management Committee

Grossman has most recently been chief investment officer of the firm’s Global Advanced Active business where he was responsible for the growth and strong performance of its active strategies. Meanwhile, Skirton was most recently Co-CEO of the firm’s Global Index & Markets Group, with global responsibility for index fund management, securities lending, transition services, and cash management.

Dunn Moved up the Ladder

Dunn was nothing if not durable – she worked her way up the corporate ladder from the very bottom, joining the firm as a secretary in 1976, and outlasting even the formidable Fred Grauer, who served as co-CEO with Dunn at BGI until 1998. That was three years after Barclays Bank bought Wells Fargo Nikko.

For all her driving ambition, Dunn was a delight to interview – she was self-effacing and funny, rare traits in the industry. In fact, Dunn and her long-time counterpart at BGI’s fiercest competitor SSgA – Nick Lopardo, who abruptly quit as chief executive officer late last year – shared many common traits.

Both were among the small handful of charismatic leaders in the investment management space, and both were fiercely client-centric, always willing to make presentations and spend time on the road. Their exit represents something of a sea-change – whatever else can be said, the industry is now a less colorful one.

BGI managed more than $790 billion in assets as of March 31, 2002, for nearly 2,000 clients in 41 countries. The firm is the global product leader in exchange-traded funds (ETFs) and has a fast growing global ETF business – $31.2 billion, or 45% growth in assets year-to-date.

BGI has more than 2,000 employees worldwide. Its relationship with Barclays has been under review for some time, but it is unclear to what extent Dunn’s departure will affect this dynamic, if at all.

Read more about Pattie Dunn at: The Experts: The Chief Engineer .