David Booth is stepping down as co-CEO of Dimensional Fund Advisors, according to a recent organizational announcement. In his place, the board appointed Dave Butler to take over as co-CEO.

Booth founded the Austin, Texas-based global investment manager in 1981 with the goal of applying academic research to practical investing. And since that time, the exclusive fund family has grown to $460 billion in firmwide assets under management in the U.S.

Booth will continue in his role as executive chairman of DFA, and he will remain closely involved in the firm on strategic initiatives.

Booth said he was confident the co-CEO model was the best structure going forward, saying it “has worked well for our clients and the management of our firm over the past seven years.”

As co-CEO, Butler will join Eduardo Repetto, who has been in the role of co-CEO since 2010.

Butler, who joined DFA in 1995, will continue in his current role as the head of global financial advisor services. Butler will also join the board of directors.

“During my tenure with the firm, we’ve grown from less than $10B to $460B,” Butler said in a statement. “In that time, I’ve gained an appreciation for the important pillars of the firm. Dimensional embodies a focus on the client, while always pursuing the best answer, implementing well, and carefully managing client expectations. I fully intend to carry that vision and culture forward.”

Repetto, who in addition to being co-CEO is also co-chief investment officer of DFA, has worked closely with Butler for the past 17 years.

“During that time, I’ve recognized Dave’s leadership, organizational abilities and strong commitment to clients,” Repetto said in a statement.

Booth also expressed his confident in new co-CEO pairing going forward.

“Dave Butler has been a vital member of our team for the past 22 years. I know from my close interactions with both Dave and Eduardo that they have a very clear understanding of the vision for the company.”

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