People Moves
Old Mutual Chief Hands Over Chairmanship Of Wealth Subsidiary

London-listed Old Mutual has made some board changes to its wealth arm in preparation for the break-up of its business lines.
Bruce Hemphill, chief executive of London-listed Old Mutual, is stepping down as Old Mutual Wealth’s chairman and will hand over to Glyn Jones.
Jones, who is currently chairman of New York-listed Aspen Insurance and London-listed Aldermore Group, will become independent non-executive chairman of the Old Mutual Wealth board, subject to regulatory approval. He has also served as chairman of Hermes Fund Managers, BT Pension Scheme Management and UK wealth manager Towry.
Hemphill will continue to be a director of the Old Mutual Wealth board and will work closely with Jones to oversee the separation of the wealth business from Old Mutual by the end of 2018.
“His depth and breadth of understanding of the financial services industry, which has been gained from leading top industry companies over the last 20 years, will be of great benefit to our business. He also brings extensive experience of chairing both public and private boards. I look forward to working with Glyn as we build on the momentum that exists to transform Old Mutual Wealth into a truly outstanding business,” said Paul Feeney, CEO of Old Mutual Wealth.
Old Mutual’s separation strategy will see the group separate into four businesses: Old Mutual Wealth, Old Mutual Emerging Markets, Old Mutual Asset Management and Nedbank.
Old Mutual Wealth oversaw £111.2 billion ($145 billion) in customer investments as at 30 June 2016. In the first half of this year, the business logged an adjusted operating profit of £104 million, 31 per cent lower than a year earlier, amid operational challenges and tough markets.