Four months after Nationwide Financial sold its active fund management business to Aberdeen Asset Management, the top executive at Nationwide Funds is moving on.

Nationwide Funds president and CEO John Grady is leaving the firm on Thursday and will be replaced on an interim basis by S. Timothy Grugeon.

In an interview, Grady told The MFWire that he is departing the company for "personal, not business, reasons."

Grugeon currently serves as executive vice president at Nationwide Funds.

A spokeswoman for Nationwide said the company has launched a national search to find a permanent replacement for Grady.

Aberdeen Asset Management's acquisition of Nationwide's active fund management business was completed on October 1 (see: "Nationwide Gets Out of Active Management," September 18, 2007). Nationwide continues to operate its sub-advised fund platform, out of Conshohocken, PA.  

Edited by: Erin Kello


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