Delaware Investments of Philadelphia has found someone to run its mutual fund unit after the departure of its chief executive officer Jeffrey J. Nick in June.
David K. Downes, executive vice president and chief operating officer of Delaware Investments, has also assumed the responsibilities of president and chief executive officer of the Delaware mutual funds. Downes joined Delaware in 1992 after seven years at New York-based Equitable Life Assurance Society of the U.S.
In addition to running the mutual fund division, Nick was also CEO of Delaware Investments at the corporate level. The company is still in the process of finding a replacement for those duties.