Income Research + Management named Bill O’Malley as CEO and Co-CIO in a first for the Boston-based fixed-income specialist manager, reports Pensions & Investments.
The recently announced titles, which go into effect on January 1, 2020, are an effort to better define roles and provide clarity to clients, explained the newly named CEO. “The broad titles and duties of Managing Principal sufficed through the years when we were handling marketing, portfolio management and going to the post office, but now that due diligence by investment consultants and clients is increasingly detailed, we realized that redefining roles within the firm would help clarify what we each do,” Mr. O’Malley said.
Jack Sommers, a co-founder of the firm and counterpart to Bill O’Malley, has been named to the new position of Executive Chairman, leading the Executive Committee and overseeing Compliance.
In adopting executive titles, the two Managing Principals hope to provide transparency to the firm’s clients and consultants – and beyond that, open the door for a broader executive base.
Two Senior Portfolio Managers, Jim Gubitosi and Sarah Kilpatrick, have also been named to newly-created executive positions: Co-CIO and Chief Operating Officer, respectively.
“Succession planning is ann important issue in the asset management business,” stated O’Malley, “and this change gives two of our really good people a chance to grow.”