BrightSphere Investment Group Inc. (BSIG) announced on Tuesday its decision to rebrand from a multi-boutique legacy structure to an asset manager, prompted by the divestiture of six of its seven affiliates.
In line with this transformation, the company has named Kelly Young as the new CEO of Acadian Asset Management Inc., the company's remaining affiliate. Young will take over from current President and CEO Suren Rana, with the transition set to take effect on January 1, 2025.
Additionally, the Boston-based company will see its trading symbol on the New York Stock Exchange change from BSIG to AAMI, effective around January 2, 2025.
This strategic divestiture has allowed the company to return $1.3 billion to shareholders through share buybacks and has significantly bolstered its balance sheet by reducing debt, as noted by John Paulson, Chairman of the Board of Directors.
As of now, BrightSphere's stock is trading at $24.46, marking a 3.70 percent decline on the New York Stock Exchange.
