Marin Gets the Nod as BSAM Executive

June 25, 2003 ( - Bear, Stearns & Co. Inc. has tapped Richard Marin, former Deutsche Asset Management chairman, as chairman and chief executive officer of Bear Stearns Asset Management (BSAM).

Bear Stearns said in a press release that Marin will work with BSAM president Doni Fordyce. The company said Fordyce was formerly BSAM chief executive officer.

Marin spent 23 years with Bankers Trust, which was acquired by Deutsche Bank in 1999. After the merger, Marin ran the $325-billion Deutsche Asset Management Inc. Most recently, Marin co-founded and ran an early stage venture capital fund, Beehive Ventures, LLC.

Bear Stearns’ asset management unit oversees about $21 billion, a relatively small amount for a Wall Street firm. In announcing Marin’s appointment, the company said it was looking to expand its asset management business and boost its product offerings.