Liberty Financial Cos., Boston, has tapped a new leader for one of its asset management subsidiaries.
The company announced last week that William R. Parmentier is now the president and chief executive officer of Liberty Asset Management Co.
He succeeds Richard R. Christensen, who will assume the chairmanship and help with the transition until he retires next year. The role of chairman was held by Kenneth R. Leibler, president and CEO of the parent company.
Liberty Asset Management manages approximately $1.5 billion in two closed-end mutual funds.
Mr. Parmentier joined the company in 1995 as a senior vice president and chief investment officer. He will keep the chief investment officer title.
In late July, Liberty reorganized management of two other subsidiaries: Colonial Group Inc. and Stein Roe & Farnham.
They are Liberty's two largest money-management companies, with more than $25 billion of assets under management.
Under the new arrangement, Stephen E. Gibson, president of Colonial, is overseeing both companies' mutual fund operations as well as their institutional asset management businesses.
A new division at the company dedicated to wealth management-Stein Roe & Farnham Private Capital Management-is headed by former Stein Roe president Hans P. Zeigler.