BrightSphere Rebrands As Acadian Asset Management, Names Kelly Young CEO To Replace Suren Rana

(RTTNews) - BrightSphere Investment Group Inc. (BSIG), Tuesday announced a decision to rebrand the company from a multi-boutique legacy structure to an asset manager, following the divestiture of six of its seven affiliates.

As part of the transition, the company has appointed Kelly Young as CEO of its remaining affiliate Acadian Asset Management Inc. to replace President and Chief Executive Officer Suren Rana. Both the changes will be effective from January 1, 2025.

Also, the Boston-based company's trading symbol on the New York Stock Exchange will change to AAMI from BSIG, effective on or about January 2, 2025.

Notably, the divestiture has helped to return $1.3 billion of capital to shareholders via share buybacks and strengthened the company's balance sheet by reducing debt, according to John Paulson, Chairman of the Board of Directors.

Currently, BrightSphere's stock is trading at $24.46, down 3.70 percent on the New York Stock Exchange.