Investment advisor Cambridge Associates has named current president and head of global investments David Druley as chairman and chief executive officer (CEO).
Druley will take over the role at the beginning of July when current chairman and CEO Sandra Urie steps down from the position, as part of a long-term succession plan. She will continue to serve as a member of the board in an ‘of counsel’ role, advising both the new leadership and the board, according to a statement from Cambridge Associates.
Philip Walton, who heads the firm’s private client practice, will succeed Druley as president alongside his current role, according to the statement.
Druley joined Cambridge Associates in 2003 and was promoted to president and head of global investments in January. In this role, he oversaw the firm’s advisory and consulting practices and research operations. Druley was previously head of the firm’s global pension practice.
Urie joined the investment advisor in 1985 and has led the firm for the past 16 years. Prior to assuming the CEO position, she served as the firm’s chief operating officer and was responsible for directing the firm’s global investment services.
When Urie steps down from the role she said that she plans to work closely with clients to focus on their specific needs and will devote energy to “the growing opportunity set in impact investing,” according to the statement.
Under her leadership Cambridge Associates has grown and retained a high number of clients, James Bailey, co-founder and board member of Cambridge Associates said in the statement.
Cambridge Associates provides advisory services to institutional investors and private clients. The firm currently has 1,200 employees serving clients across offices located in the US, Europe and Asia.