Last week, we discussed the move of the portfolio management team from the old Lehman Brothers Asset Management to Dwight Asset Management. (See "Neuberger Retreats From Taxable Money Funds, Outsources to SSgA and see our "People News.") Dwight parent Old Mutual gave more details on the move this week, issuing a press release entitled, "Old Mutual Asset Management Facilitates Liftout of Cash Management Team to Dwight Asset Management."
The release says, "Old Mutual Asset Management has facilitated a liftout of Neuberger Berman Group's eight-person cash management team to Dwight Asset Management Company LLC (Dwight), an institutional fixed income manager and Old Mutual member firm. Led by industry veteran John C. Donohue, the cash management team will join Dwight in July and report to Frank Koster, Dwight's chief investment officer. Donohue has 17 years of money fund experience and has headed the team for close to a decade. He was responsible for cash management at Neuberger Berman, formerly Lehman Brothers Asset Management."
It continues, "Tom Turpin, Old Mutual Asset Management's President and CEO said, "This successful transaction demonstrates our commitment to investing for growth across our business. By seeking opportunities to deepen our pool of investment talent, we continue to enhance our ability to deliver institutional quality investment performance to clients."
David Thompson, Dwight's president and CEO, "explained the cash management team will enhance Dwight's focus on preserving wealth for 401(k) participants, currently managed via stable value portfolios." He says, "We believe stable value and cash management are complementary disciplines, and the expertise and experience represented by John Donohue's team should significantly benefit our clients."
Donohue comments, "We are excited to join Dwight Asset Management and the Old Mutual organization. Old Mutual's extensive global resources and Dwight's fixed income expertise create a formidable combination, and will enable us to address a wide range of institutional cash management needs."
Turpin adds, "John Donohue's cash management team is an excellent strategic fit for both Dwight and Old Mutual. The team has a proven ability to profitably grow their business and they will broaden the overall liquidity management capabilities of the global enterprise.... Old Mutual and its investment affiliates enjoy a strong reputation amongst U.S. and global institutional investors which, in the aggregate, are among the world's largest clients for cash management services."
