Old Mutual has created a new investment division.
Old Mutual Wealth, which manages $157 billion in client assets, is combining Quilter Cheviot and Old Mutual Global Investors (OMGI), reports Reuters. Old Mutual purchased Quilter last year.
Quilter and OMGI will maintain separate brands and investment selections. Quilter’s head, Martin Baines, will run the new unit. David Loudon will be promoted to head of Quilter, and Richard Buxton will be CEO of OMGI. Julian Ide, the current CEO of OMGI, will be leaving the firm. OMGI manages aproximately 22.4 billion pounds, a fifth of Old Mutual Wealth’s total assets.
Buxton joined Old Mutual two years ago, after working at Schroders. He will continue running equity funds in addition to leading OMGI, reports the Telegraph.
Photo: Luke Ma