Old Mutual today announces that Paul Feeney has been appointed Chief Executive of its Wealth Management business. Old Mutual Wealth Management comprises: Skandia UK, Skandia International, its European businesses, Skandia Investment Group and Old Mutual Asset Managers (UK). The business has assets under management of £63 billion*, gross inflows of £12.2 billion and net client cash flow of more than £2 billion during 2011.
Paul Feeney will be responsible for driving the growth and development of the Wealth Management business. The merger of Skandia Investment Group and OMAM (UK), combined with Skandia’s market leading UK platform and the distribution capabilities of its European and International businesses provides a strong platform for growth.
Paul, who is currently CEO of Old Mutual’s Long Term Savings asset management business, will take up his new role on 1 August and will continue to report to Paul Hanratty, CEO of Old Mutual’s Long Term Savings division.
Paul Feeney brings a wealth of experience to his new role. Prior to joining Old Mutual he was Head of Distribution and Executive Director of BNY Mellon Asset Management. Prior to that, he was Managing Director at Gartmore, Managing Director of NatWest Investments both in the UK and the USA, and Global Marketing Director of the Coutts Group.
Paul Hanratty, CEO of Old Mutual’s Long Term Savings division, said:
“Paul has made a significant impact since he joined Old Mutual at the beginning of this year and we are confident that he is the right man to drive the growth and development of our Wealth Management operation. Wealth Management has great potential and will play a key part in the Group’s future growth.”
*As at 31st March 2012
Notes to Editors
Old Mutual is an international long-term savings, protection and investment Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance to more than 12 million customers in Africa, the Americas, Asia and Europe. Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.
In the year ended 31 December 2011, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £267 billion of funds under management from core operations.
For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com