Richard A. Marin has been named the new chairman of Bear Stearns Asset Management, a subsidiary of The Bear Stearns Companies.
In the role he will seeks to expand BSAMs asset management franchise and enhance its range of product offerings. As of the end of May, BSAM managed more than $21 billion in assets comprised of U.S. equity and fixed income separate accounts and mutual funds, hedge funds, private equity funds and venture capital funds.
Marin spent 23 years with Bankers Trust, which was subsequently acquired by Deutsche Bank. After the merger, Marin ran the $325 billion Deutsche Asset Management as its chairman. Most recently, Marin left Deutsche Bank to co-found and run an early stage venture capital fund, Beehive Ventures of New York.
"I could not pass up the opportunity to work with such a talented group of people and a business with a solid history and a promising future," Marin said in a statement. "Wealth management as a business is growing and Bear Stearns Asset Management is uniquely positioned to capitalize on the shifting market environment. I am thrilled to be able join this management team."