(Updated after jump) peHUB has learned that David Turner resigned last week as CEO and CIO of the private equity group at WestLB Mellon Asset Management, which manages around $1 billion in private equity assets. The move came as a surprise to Turner’s colleagues, particularly because the group is in the midst of raising its fourth fund-of-funds.
One source said Turner indicated a desire to cut back on his hours, and that he felt the timing – albeit not opportune – was better than leaving once the fund was raised. Turner’s next move is unclear, although a WestLB receptionist said that he had “joined another firm.” She declined to comment further, and Turner has not returned a voicemail left on his cell phone.
Turner joined the private equity group in 2002, when it was still known as WestAM. He previously had overseen a $13 billion alternative investment portfolio for The State of Michigan.
A WestLB spokesperson declined comment, primarily because he had no idea what I was talking about.
Update: A different spokesperson said Monday morning that Turner will be succeeded by Ravi Vish, a general partner with WestLB’s private equity group since 2005. Prior to joining WestLB, Vish spent 18 years with the International Finance Corporation.