Institutional Investor, the flagship publication of publicly traded Euromoney Institutional Investor PLC, has lost its top two editors to another London-based rival looking to expand its US offerings.

Kip McDaniel, the editor-in-chief and chief content officer of Institutional Investor for the past four years, turned in his resignation on Monday, sources tell Media Ink. He is joining 20-year-old, London-based Pageant Media as president of the Americas.

McDaniel, who had earlier in his career started Chief Investment Officer magazine, supervised the publication’s conversion in 2018 from a monthly print magazine to an all-digital operation.

Institutional Investor’s deputy editor Leanna Orr, currently out on maternity leave, is also joining Pageant Media, a data and publishing company whose titles include Hedge Fund Magazine, Eureka Hedge and Fund Intelligence, the latter of which is aimed at US asset managers.

It’s the latest major upheaval within the top ranks of Institutional Investor, a popular read among asset managers known for its annual list of richest hedgies. Diane Alfano, the current CEO and a 37-year veteran, is retiring on June 30.

She will be replaced slightly before then, on May 3, by Francis Cashman, who will be running Institutional Investor as part of a newly restructured asset management group that will now also include data operations NDR Research and BCA Research. The restructuring was unveiled last month.

So far a spokesman said there is no replacement for McDaniel or Orr, who are also departing on May 3, the same day Cashman comes aboard. The duo won’t start their new gigs, however, until sometime in June, sources tell Media Ink.

Pageant had not returned emails at the time of writing.

Institutional Investor, which also publishes the closely watched list of top Wall Street analysts, also had a once-thriving events business that was forced to go entirely virtual last year due to the pandemic.

Euromoney chief financial officer Wendy Pallot said at the company’s earnings report for the fiscal year ending Sept. 30 that Institutional Investor saw a 12 percent drop in revenue, equivalent to approximately $15.3 million.

The parent company was profitable on the year but still hard hit by COVID-19 as revenue dropped 17 percent to approximately $465.2 million. Operating income dropped 42 percent to about $85.3 million.

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