The asset management arm of London-listed Old Mutual Wealth will not be filling the role vacated by Paul Nathan.

Old Mutual Global Investors has decided to lose the role of chief operating officer following Paul Nathan's departure.

Nathan, who initially joined Old Mutual back in 2000, returned to the group as COO of its asset management division in 2012 after a two-year stint leading operations at Saïd Business School. OMGI said it had mutually agreed with Nathan that now is an appropriate time for him to leave to “explore opportunities outside of the group”.

“With Paul departing the business, we have decided that we will not replace the chief operating officer role and have instead decided that we will enhance the skillset of our underlying operations areas such as finance, IT and operational risk,” the firm said.

The news follows a series of recent shuffles within the company's leadership. Last month, OMGI promoted equities head Richard Buxton to chief executive following the exit of Julian Ide, and appointed Warren Tonkinson as managing director. The shake-up also saw Quilter Cheviot's chief executive, Martin Baines, become chief investment director of OMGI's parent company, Old Mutual Wealth.