Co-chief operating officers Richard Rossi and Cooper Abbott will assume leadership of Raymond James subsidiary Eagle Asset Management effective Feb. 1, 2012, according to Thomas A. James, chairman of the Eagle board of directors and executive chairman of Raymond James.
As part of Raymond James’ overall succession plan for the firm and its affiliates, Rossi and Abbott are taking over following the announcement this week that Richard K. Riess, executive vice president of the firm’s Asset Management Group, CEO of Eagle Asset Management and chairman of the board of trustees of the Eagle Family of Funds, will step down on January 31, 2012. Riess will transition from his current role to work on special projects for Raymond James until the end of the year, when he will retire after more than 35 years of service to the firm.
Raymond James CEO Paul Reilly joined James in citing Rossi’s and Abbott’s industry experience, impressive results and their long tenures as evidence that they are up to the challenge of continuing Eagle’s growth.
“I and the Eagle board of directors have the utmost confidence in Richard and Cooper,” Reilly said. “They have demonstrated tremendous leadership and knowledge over their careers, and clients can expect a seamless transition.”
Rossi has served as president and co-chief operating officer since 2009 and 2007, respectively. He joined Eagle in 1985, staying five years before departing to pursue other opportunities. He returned in 2000. Abbott joined Raymond James in 2001 and has served as executive vice president and co-chief operating officer of Eagle since 2009.
Rossi and Abbott will also assume any additional responsibilities held by Riess with respect to his position as CEO of Eagle and will report to Thomas A. James, chairman of Eagle Asset Management’s board of directors and Raymond James’ executive chairman. Additionally, Rossi will continue to report to the Eagle Family of Funds as president of each fund. The Eagle Family of Funds Board of Trustees will consider changes to the composition of the board during its next regularly scheduled meeting in February 2012.
There are no changes to the ownership or control of Eagle or the Eagle Family of Funds resulting from Riess’s retirement, or any material change in investment advisory or portfolio management services provided by Eagle.
