(Corrects headline to show Frashure will become chairman.)
Sept. 29 (Bloomberg) -- Acadian Asset Management LLC, a Boston-based money manager that uses quantitative techniques to invest, said Churchill G. Franklin will become chief executive officer on Jan. 1, 2013.
Franklin has been with Acadian for 25 years, most recently as executive vice president overseeing client service, sales, marketing and technology, the company said today in a statement. He will replace Ronald D. Frashure, 68, who will become chairman as Gary L. Bergstrom retires from that role at the end of this year.
Acadian, which manages $45.7 billion in assets, started its succession planning 18 months ago, according to the statement. The firm considered external and internal candidates before appointing Franklin to lead the company.
Franklin, 61, a graduate of Middlebury College, is on the investment committee of the Vermont college’s $925 million endowment. Acadian specializes in global strategies, catering mainly to institutional investors. The firm also manages mutual funds, including the $828 million Acadian Emerging Markets Portfolio and the $17.7 million Acadian Emerging Markets Debt Fund, data compiled by Bloomberg show.
--Editors: Steven Crabill, Christian Baumgaertel
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