The chief executive of US investment giant Grantham, Mayo, & van Otterloo (GMO) is stepping down after five years in the role, Hot Commodity has learnt.
Brad Hilsabeck, who joined the Boston-based asset manager in 2003, will quit as chief executive on 30 June 2016, GMO confirmed today.
The reason behind his departure was not disclosed. He will remain a member of the GMO board of directors.
GMO, which has more than $118bn in assets under management, said that Peg McGetrick will succeed Hilsabeck as chief executive on an interim basis.
McGetrick previously served as a portfolio manager for GMO’s international active equity team from 1984 to 1996, and was a partner at the firm from 1988 until 1997. She then left GMO to set up Liberty Square Asset Management and re-joined GMO as a member of the board of directors in 2011.
GMO was co-founded by British-born financier Jeremy Grantham, who is known for his correct predictions of various stock market crashes including the dotcom bubble and the global financial crisis.
The bearish investment strategist said in an interview with the Financial Times last year that the stock markets “will be ripe for a major decline” at some point in 2016, which could result in several government defaults.