Newport Pacific Management Inc., a unit of Liberty Financial Cos. of Boston, has a new president and a new chief investment officer.
Liberty announced last week that Thomas R. Tuttle had been promoted to president and Christopher Legallet to chief investment officer.
They are splitting the duties of John M. Mussey, Newport's founder. Mr. Mussey is now vice chairman of Newport and chairman of its investment strategy committee.
Liberty said in a statement that the change is part of a succession plan to the "next generation of leaders" at Newport, which specializes in managing Asian equity portfolios.
In fact, Mr. Mussey and Mr. Tuttle are the same age, 57, but Mr. Legallet is 38. A Newport spokesman said the change does not indicate displeasure with the company's performance.
The decision to make the change was made jointly by Liberty and Newport, the spokesman said.
Mr. Tuttle joined Newport in 1984 and became a managing director in 1992. Mr. Legallet joined the company in 1997 and had previously been a senior vice president. Both Mr. Tuttle and Mr. Legallet ran several funds and will continue to do so.
Newport, based in San Francisco, has $1.5 billion of assets under management. Liberty manages $61 billion of assets through several operating companies.
