The head of Old Mutual Asset Management — the New York-listed fund manager — is stepping down having "successfully accomplished his mission" to reshape the business, which has now been largely exited by parent group Old Mutual.

Peter Bain is relinquishing his roles as president, CEO and director, which he has held since 2011. Chairman James Ritchie will take over in the interim until a replacement is found, according to a statement from OMAM.