13 years after taking over a multi-manager mutual fund firm, the chief of that firm's PE-backed, multi-boutique parent has passed the reins.
| Jeffrey Karl "Jeff" Ringdahl|
Resolute Investment Managers / American Beacon Advisors
, chairman and CEO of both Irving, Texas-based Resolute Investment Managers
and its American Beacon Advisors
] boutique, recently left the companies, confirms Jeff Ringdahl
, Needles' right hand at both American Beacon and Resolute. Ringdahl, who has served as president and chief operating officer of both companies, was promoted to CEO on April 4.
"Gene Needles is no longer with Resolute or American Beacon Advisors," Ringdahl tells MFWire
via email. "We are extremely grateful for his many years of service to both firms."
Ringdahl confirms that his COO duties "have been delegated to the departmental heads and there are no plans to backfill the COO position directly." And he is not succeeding Needles as chairman.
"The title was ceremonial since Kelso & Co.
has effective control of Resolute through its majority ownership," Ringdahl writes. "The chairman title has not been reassigned."
American Beacon as COO back in 2010, and he rose
to president of American Beacon and Resolute in 2018. Earlier, he worked at Touchstone
, Fidelity, Western & Southern, the Penobscot Group, and SSGA. He is an alumnus of the University of Notre Dame's Mendoza College of Business and of Boston University.
American Beacon as president back in 2009, a year after it was taken over by a pair of private equity firms. He stayed on in 2015 when Kelso bought
American Beacon from the prior PE owners, and he later oversaw the creation
of AB's multiboutique parent, Resolute, and its buildout via several acquisitions.
Earlier, Needles led Touchstone
and AIM Distributors
. He also worked with MetLife, State Street, and Putnam.
Resolute now has a team of 104 employees supporting six affiliates with another 102 employees combined. Resolute and its affiliates had $88.1 billion in combined AUM as of March 31, 2022.
Neil Anderson, Managing Editor
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