12th Aug 2015 14:42
LONDON (Alliance News) - Old Mutual PLC Wednesday said it has created a new investment division of Old Mutual Wealth, bringing together its Quilter Cheviot business and Old Mutual Global Investors, which will be headed up by Martin Baines as its chief investment director.
Baines was formerly the chief executive officer of Quilter Cheviot, which Old Mutual Wealth acquired for up to GBP585 million last October.
David Loudon will step into the position of chief executive officer of Quilter Cheviot, and Richard Buxton, formerly head of UK equities at Schroders PLC, has been appointed chief executive officer of Old Mutual Global Investors, succeeding Julian Ide who is stepping down from the role.
Warren Tonkinson will become managing director of Old Mutual Global Investors, reporting to Buxton. Loudon and Buxton will report to Baines.
The company said the reorganisation will provide the opportunity to "more effectively leverage the combined investment knowledge of Quilter Chevoit and OMGI". However it said that the brands and propositions of each businesses will remain distinct and their independence with regard to investment selection will be maintained.
"At the heart of our wealth proposition is our ability to bring together the best investment minds in the market for the benefit of our clients. It therefore makes sense to bring Quilter Cheviot and OMGI together within one division under the leadership of Martin," said Old Mutual Wealth Chief Executive Officer Paul Feeney in a statement.
Shares in Old Mutual were down 3.0% at 218.10 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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