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.