NEW YORK, June 29, 2010 (GLOBE NEWSWIRE) -- W.P. Stewart & Co., Ltd. ("W.P. Stewart" or the "Company") announced today that Mark D. Bergen will join the Company as Managing Director - Chief Financial Officer and Chief Operating Officer as of June 30, 2010. Mr. Bergen will also be a member of the Company's Management Committee, the other members of which are Mark I. Phelps, Chief Executive Officer and President of the Company, and James T. Tierney, Chief Investment Officer of the firm and Senior Vice President of the Company's U.S. equity research and portfolio management subsidiary.
Mr. Bergen joins W.P. Stewart from Angelo, Gordon & Co. and its asset management subsidiary, AG Asset Management LLC where he has been COO and CFO since 2005. Earlier he held a series of senior positions at UBS Global Asset Management (2002-2005), Goldman, Sachs & Co. (2000-2002), and UBS Investment Bank (1989-2000). Mr. Bergen began his career at Andersen Consulting (1979-1989), where he served clients across multiple industries with a primary focus on financial services.
The Company also announced that Rocco Macri, currently the Company's Managing Director - Chief Operating Officer, will be leaving the firm as of June 30, 2010. In addition, the Company's current Managing Director – Chief Financial Officer, Susan G. Leber, will leave the firm after a short transition period of a few months.
Commenting on the new appointment, Mark Phelps said, "We welcome Mark Bergen to the W.P. Stewart team and look forward to the value he will bring to our firm. We would also like to take this opportunity to thank both Rocco Macri and Susan Leber for their many years of dedicated service to the firm, and wish them well in the future."
W.P. Stewart & Co., Ltd. is an asset management company that has provided research intensive equity management services to clients throughout the world since 1975. The Company is headquartered in New York, New York and has additional operations or affiliates in Europe.
The Company's common stock currently trades on the Pink Sheets under the symbol "WPSL".
For more information, please visit the Company's website at http://www.wpstewart.com, or call W.P. Stewart Investor Relations at 1-888-695-4092 (toll-free within the United States) or 1-212-750-8585 (outside the United States) or e-mail to IRINFO@wpstewart.com. Statements made in this release concerning our assumptions, expectations, beliefs, intentions, plans or strategies are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ from those expressed or implied in these statements. Such risks and uncertainties include, without limitation, the effects of the Company's corporate reorganization, the adverse effect from a decline or volatility in the securities markets, the general downturn in the economy, the effects of economic, financial or political events, a loss of client accounts, inability of the Company to attract or retain qualified personnel, a challenge to our former U.S. tax status, competition from other companies, changes in government policy or regulation, a decline in the Company's products' performance, inability of the Company to implement its operating strategy, the effects of the Company's delisting and deregistration under the U.S. Securities Act of 1934, inability of the Company to manage unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations, industry capacity and trends, changes in demand for the Company's services, changes in the Company's business strategy or development plans and contingent liabilities. The information in this release is as of the date of this release, and will not be updated as a result of new information or future events or developments.