The London-headquartered investment group has added a high-level figure to its board.

Old Mutual has appointed former South African finance minister Trevor Manuel as non-executive director. He also set to become the non-executive chairman of the group's South African holding company.

Manuel was South Africa's minister of finance from 1996 to 2009. He currently serves on the international advisory board of the Rothschild Group and as a non-executive deputy chairman of Rothschild South Africa. He is also a non-executive director on the boards of SABMiller and Swiss Re.

He will take on the new role at Old Mutual Group Holdings, the parent company of Old Mutual Emerging Markets and Nedbank Group, after its current chairman, Paul Hanratty, steps down next year.

“We are delighted to be able to appoint Mr Manuel to our Board, given his wealth of experience in advising and guiding the development of the financial services sector in emerging markets,” said Patrick O’Sullivan, chairman of Old Mutual. 

“His track record of leadership in developing sound regulation for financial services over many years will be of great benefit to the Group, in particular as we prepare for forthcoming changes in the regulatory environment in South Africa.”

Old Mutual's wealth management arm recently announced a new vertical integration model aimed at boosting growth in the South African market, involving the collaboration of its businesses Old Mutual International and Quilter Cheviot to serve investors in the market.

The group, which was established in 1845 in South Africa, is listed on stock exchanges in London, Johannesburg and Zimbabwe.