The equity chair of an $85-billion-AUM asset manager has left the company after 33 years.

Leadership at Milwaukee-based Robert W. Baird [profile] recently informed employees via memo that equity asset management chairman Bill Mahler has been fired, Financial Planning reports. Per Finra and SEC data, Mahler's registration with Baird ended last Thursday, October 3.

"Following an internal review, Bill Mahler ... is no longer with the firm, effective immediately, as a result of conduct that does not align with our expectations of Baird associates," Baird chairman Paul Purcell and CEO Steve Booth reportedly wrote in that memo, without going into specifics or specifying a successor for Mahler.

A Baird spokesman's comment to FP echoed the language in the memo about "conduct that does not align with ... expectations." Mahler did not comment to the trade publication.

William Walter Mahler also served as Baird's equity capital markets chairman, as a Baird managing director, and as a director of Greenhouse Funds (a hedge fund shop that Baird holds a minority stake in). He joined Baird in 1986 and is an alumnus of Southern Methodist University.

Baird's asset management arm, which includes Baird Advisors and Baird Equity Asset Management, had more than $85 billion in AUM as of June 30, 2019. That includes $6 billion in AUM on the equity side. As of September 30, Baird's mutual funds held more than $62 billion in AUM. 

Edited by: Neil Anderson, Managing Editor


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