28 Dec 2011 09:29
Titanium Asset Management Corp.
Board of Directors Change
Milwaukee, WI, December 28, 2011 - Titanium Asset Management Corp. (AIM - TAM) (the "Company") today reported that the board of directors of the Company has elected Yoram Naveh as Chairman of the Board of Directors. Mr. Naveh is currently a non-executive director of the Company and has recently been appointed the Chief Executive Officer of Clal Finance Ltd., succeeding Tal Raz, who has been appointed Chief Executive Officer of another entity owned by IDB Holding Corporation Ltd. Clal Finance Ltd. owns approximately 51% of the Company's outstanding common stock and IDB Holding Corporation Ltd. is an indirect controlling shareholder of Clal Finance Ltd. Mr. Raz will continue to serve as a director of the Company.
For further information please contact:
Titanium Asset Management Corp.
Robert Brooks, CEO 312-335-8300
Seymour Pierce Ltd
Jonathan Wright +44 20 7107 8000
Tatton Asset Management (TAM)