The founder of one of the South’s largest alternative asset investment management firms is stepping into a different role as the company anoints a new chairman.

Harbert Management Corp. Monday announced that its founder, Raymond J. Harbert, will become executive chairman, and Travis Pritchett, the company’s president and COO, will be elevated to CEO.

The transition is set to happen Jan. 1, 2026.

In an announcement, the company said Harbert will “work closely” with Pritchett to guide the firm’s strategic direction.

Harbert, a prominent name in Birmingham, state and business circles, launched the firm in 1993 after years with his family’s construction business. HMC has more than $8 billion of assets under management.

Harbert himself served on the Auburn University Board of Trustees and

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