Jersey City investment firm picks new managing partner

Jersey City-based Lord Abbett & Co. LLC has announced Douglas B. Sieg will assume the position of managing partner, effective April 1.

Sieg will replace Daria L. Foster, who will be retiring.

“Having worked closely with Doug for over 15 years, I know he has the intelligence, energy, creativity and determination to successfully steer the firm forward,” Foster said. “I am confident he will ensure that our clients’ long-term interests remain at the forefront of all the firm’s activities.”

Sieg has most recently held the title of partner, client services at Lord Abbett and was responsible for overseeing the U.S. retail, U.S. institutional and international markets, as well as the product strategy, marketing and corporate communications teams. He has worked at the firm for the past 24 years.

Still, Sieg made special mention of his predecessor, who has served as managing partner for the past 11 years.

“Daria intensified our focus on the issues that made us better every day,” he said. “She shaped and transformed Lord Abbett into a strategically driven, professionally managed, investment-led organization and has done so in a thoughtful, deliberate and caring way.”