Spiros ‘Sig’ Segalas, co-founder and longtime large-cap development fairness portfolio supervisor at Jennison Associates, has died on the age of 89.
Mr. Segalas co-founded Jennison Associates in 1969 together with six others and managed Jennison consumer portfolios for greater than 5 a long time, in accordance with a information launch Tuesday.
Kathleen McCarragher will proceed to guide the large-cap development fairness staff alongside Blair A. Boyer, the information launch mentioned.
The agency’s large-cap development fairness portfolios had $56.1 billion in belongings underneath administration as of Sept. 30, in accordance with the corporate’s web site.
Jennison CEO Jeffrey Becker mentioned within the launch: “I’ve deep respect and admiration for Sig and the legacy he has left at Jennison and throughout the trade. He will likely be vastly missed by all of us at Jennison. Our staff feels a deep accountability to reside as much as the values and dedication to excellence he embodied.”
Mr. Becker, who joined the agency in 2016, will proceed to guide Jennison, the discharge mentioned, including that “there will likely be no change to the funding course of and no impression to the day by day administration of consumer portfolios.”
Jennison, which managed $164 billion in consumer belongings as of Sept. 30, is an affiliate supervisor of PGIM, the worldwide asset administration enterprise of Prudential Financial.
PGIM had greater than $1.2 trillion in belongings underneath administration as of Sept. 30.
Mr. Segalas’ formal titles as president and chief funding officer have been “reflective of his stature as founder and longest tenured senior investor,” a Jennison spokeswoman mentioned in an e-mail.
“We wouldn’t have plans to interchange his position as president or CIO,” the spokeswoman added. “From a sensible standpoint, every funding staff lead successfully serves because the CIO of their respective funding disciplines.”