Reeves Asset Management has appointed Joseph “Jay” Rhame III – co-portfolio manager of the Reeves Utilities ETF – as the firm’s new Chief Executive Officer, effective 31 December.
Rhame succeeds Ronald J Sorenson who will continue in his roles as Chairman of the Board and Chief Investment Officer through to the end of 2019.
Rhame joined Reaves Asset Management in 2005. He is a utility and energy analyst, experienced in managing portfolios in infrastructure-related industries, and is currently a member of the company’s risk management committee.
“I have worked alongside Jay for his entire career and am confident that under his direction Reaves will continue to provide our clients with opportunities for long-term growth for generations to come,” says Sorenson. “Our clients have trusted us to protect their capital for more than fifty years, and we are excited for the future as we transition to a new generation of leaders.”
Sorenson joined Reaves in 1991. He was elected to the role of Vice Chairman and Chief Executive Officer in September 2005, and was subsequently named Chairman in addition to his role as Chief Investment Officer. Ron has been lead portfolio manager for the Reaves Utility Income Fund (UTG) since its initial public offering in February 2004.
“Ron consistently put clients’ needs first and encouraged all of us to think long-term. The Firm has grown based upon the trust developed with all the Firm’s clients. Ron truly led by example, and I will work hard to meet the high standards he has set for us,” says Rhame, the Firm’s incoming Chief Executive Officer. “The entire Firm joins me in honouring Ron for his contribution and achievements over the past 27 years.”