firm that is mostly owned by Comerica Inc. of Detroit on Thursday named Michael T. Monahan its acting chief executive officer.
Mr. Monahan, 60, who stepped down in June after six years as president of Comerica, succeeds Paul D. Tobias, 48, who left Munder on Wednesday, a spokesman for Munder said. It could not be learned why Mr. Tobias left, and he could not be reached for comment.
Munder, which manages more than $52 billion in assets for individuals, corporations, municipalities, and others, is looking for a permanent replacement, the company said.
Comerica, a $37 billion-asset banking company, has owned 88% of Munder since 1998, when it bought a stake owned by founder and chairman Lee Munder. The bank previously owned 44% of the investment company and has been looking for a strategic partner with whom to run Munder since the deal with Mr. Munder. A strategic alliance is still on the agenda, the spokesman said.
-- Niamh Ring