Bain has been chief executive, president and director at the company since 2011.
OMAM chairman of the board of directors James Ritchie will serve as executive chairman and interim chief executive while the board seeks a replacement.
Ritchie said Bain had “successfully accomplished his mission” and delivered on his mandates to reshape the business, develop the leadership team, and achieve the company’s listing on the New York Stock Exchange.
He added: “Our business is now at a positive inflection point with great momentum, and the board and Peter believe it is the right time to position the company for its next stage of sustained growth.
“This succession process comes at a time of strength for the company. Now that Old Mutual plc has substantially exited its position in the company, we will find the right person to best lead the business through its next phase of long-term growth.”
Bain said: “I am happy to hand over the business in good shape and want to thank my team for their dedication and support in our drive to create a great company.”
Before joining OMAM, Bain was a senior executive vice president at Legg Mason where he held leadership positions from 2000 to 2009.
