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Deals & People July 14, 2009
Old Mutual Brings Cash Management Team to Member Firm
Old Mutual Asset Management has facilitated the move of Neuberger Berman Group's eight-person cash management team to Dwight Asset Management Company LLC, an institutional fixed-income manager and Old Mutual member firm.
Reported by Rebecca Moore
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, according to an announcement. 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.
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. “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,” he said, in the press release.