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.

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