There's been a shift in leadership at Old Westbury FundsBessemer Trust. David Rossmiller took over as the fund firm's new president and CEO on April 25, replacing Marc Stern, according to documents filed with the SEC.

This reshuffling is tied with impending retirement of Bessemer's longtime CEO John Hilton. Stern, currently the trust's CIO, will become CEO when Hilton retires at the end of the year. Stern was named CEO-elect in January, but the shift in leadership wasn't made public before Reuters reported it last week. He will stay on as a PM for the Old Westbury Large Cap Core Fund.

Stern joined the King of Prussia, Pennsylvania-based wealth management trust in 2004 from Bernstein Investment Research and Management.

As part of this change in management, Rebecca Patterson, who most recently served as chief markets strategist at JPMorgan Asset Management, will assume the CIO position that Stern is vacating.

Old Westbury's new CEO, David Rossmiller, is also the head of fixed income at Bessemer Trust. He joined Bessemer in 2010 from Deutsche Bank.

Old Westbury manages seven mutual funds with a total of approximately $17.4 billion in assets, according to Morningstar. The Bessemer Trust is the world's largest multifamily office, managing $62.4 billion for over 2,100 families. It was founded in 1907 to manage the family fortune of Carnegie Steel co-founder Henry Pipps, and began managing money for other wealthy families in 1975.  

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