LONDON (Reuters) - Dual-listed financial services company Old Mutual (L:OML) on Wednesday said it had created a new investment division and announced a major leadership reshuffle at its fund and wealth management units.
Old Mutual Wealth, the UK's largest wealth manager with 101 billion pounds ($157 billion) in client assets, said the new division would consist of Quilter Cheviot, the discretionary manager it bought last year, and asset manager Old Mutual Global Investors (OMGI).
Both companies would retain their brands and independence in regard to investment selection, the company said in a statement.
Martin Baines, currently head of Quilter Cheviot will step up to run the new division, and is replaced by David Loudon; while star manager Richard Buxton will become chief executive of OMGI, but continue to manage his investment portfolio. He replaces Julian Ide, who is stepping down and leaving the firm.
"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," said Paul Feeney, CEO of Old Mutual Wealth.
"It therefore makes sense to bring Quilter Cheviot and OMGI together within one division under the leadership of Martin."