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15/06

Paul Feeney appointed CEO of Old Mutual Wealth Management

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

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  

For more information please contact

Contacts:


Charlie MussonSkandia02380 91609907834 499 554
Henry ChanSkandia02380 726 51907725 705 858

 

Old Mutual Wealth, comprising Skandia* and Old Mutual Global Investors, provides wealth management solutions such as investments, pensions and life assurance to help financial advisers manage their clients’ wealth. The business currently oversees £74.5 billion in customer investments (as at 31 March 2013) and has operations in the UK, Continental Europe and various international markets. Its strategy is to combine asset management with product and platform expertise, in order to grow further as a modern, integrated wealth management business that enables positive futures for its customers.

Old Mutual Wealth is a core part of Old Mutual plc, a leading international long-term savings, investment and protection Group. Based in London, it is trusted by more than 14 million customers across the world. For over 167 years, it has been serving the growing insurance and investment needs of local customers, companies and their advisers. Old Mutual’s vision is to become its customers’ most trusted partner, being passionate about helping them achieve their lifetime financial goals. At 31 March 2013, the Old Mutual Group held £288.4bn of client assets under management. 

*On 21 March 2012 Old Mutual plc sold the Skandia businesses in Sweden, Norway and Denmark to Skandia Liv. All Skandia businesses and their customers outside of Sweden, Norway and Denmark are unaffected by this transaction. These businesses continue to be owned by Old Mutual and operate under the Skandia brand.

This press release is for journalists only and should not be relied upon by financial advisers or customers.

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