Harold Baxter, chairman and chief executive officer of Pilgrim Baxter & Associates, and Gary Pilgrim, chief operating officer, quit their positions today due to an internal probe into investments by one of the two, Reuters reports.

The pair started their $7.4 billion company, now owned by Old Mutual, in 1974. Old Mutual CEO Jim Sutcliffe told analysts on a conference call today the insurer is optimistic that with the departures of the two, any problems relating to questionable trading have been put to an end.

"The investigation is still ongoing, and we are not at a point where we can give you absolute certainty, but we are at a point where we can give you our instinct that we have got to most of these issues," Sutcliffe said.

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