The UK wealth manager has appointed two new chief executives at subsidiaries Quilter Cheviot and Old Mutual Global Investors to report to new investment chief Martin Baines.

Old Mutual Wealth has rejigged its management team following the launch of an investment division, naming Quilter Cheviot's chief executive, Martin Baines, as its chief investment director. 

Baines will lead Old Mutual Wealth's newly-created investment division, which the group described as an opportunity to better leverage the combined investment knowledge of Quilter Cheviot and OMGI, particularly in the multi-asset sector.

David Loudon, who was recently promoted from head of regions to head of investment management at Quilter Cheviot, will now take over as chief executive of Quilter Cheviot, which Old Mutual Wealth acquired in February for £585 million ($940 million). He will report to Baines.

“David's unremitting client focus and immense experience makes him the ideal CEO for Quilter Cheviot,” said Old Mutual Wealth's chief executive, Paul Feeney.

Meanwhile, Richard Buxton, one of the UK’s most respected investors, will now become chief executive of Old Mutual Global Investors, also reporting to Baines. He joined OMGI as head of equities two years ago and will take on the chief role alongside the management of his portfolio. Buxton takes the reins from Julian Ide, who is stepping down to “explore new opportunities”.

“The quality of what Julian has created and the talent he has attracted is unparalleled in recent asset management history. OMGI’s phenomenal bench strength is a testimony to what Julian has delivered for clients,” said Feeney. 

“I can think of no better person to appoint as CEO of OMGI than Richard – his experience, exceptional investment skill and his principles will take our asset management business forward with a clear focus on delivering the wealth creation that is at the heart of our business.”

Lastly, Warren Tonkinson, who joined the Old Mutual group in 2012 as head of distribution for Skandia Investment Group before transferring to OMGI, will now serve as managing director of OMGI. He will report to Buxton.

Old Mutual Wealth oversees £101 billion in client investments. It recently reported a 26 per cent jump in operating profit to £151 million for the first half of 2015.