Jonathan Baum, the chairman and CEO of Dreyfus, resigned from the firm on Monday, Jan. 21, to pursue other interests, Morningstar reports. Dreyfus president J. Charles Cardona will assume the role of interim chief executive.
Baum joined Dreyfus in 2006 and became CEO in February 2008. Prior to joining Dreyfus, Baum was the chief operating officer of Scudder Investments, now part of DWS.
According to a firm statement: "Charlie Cardona, who is president of Dreyfus and has more than 30 years of experience with the firm, will lead the Dreyfus management team and oversee the companys sales, product and marketing functions on an interim basis. Jon Baum has left Dreyfus to pursue other interests. We thank Jon for his dedication and accomplishments and wish him well in his future endeavors."
Under Baum's watch, Dreyfus experienced net inflows from 2009 through 2012, primarily fromDreyfus Appreciation (DGAGX), the firm's largest fund, and a few international funds, according to Morningstar. On the flip side, the firm has also merged or liquidated more than 50 funds and launched more than 10 new strategies.
Morningstar also noted that the firms fixed-income funds have underperformed the past three years.