The UK wealth manager has made an executive appointment from Sun Life Financial.

Old Mutual Wealth has appointed Iain Wright as chief risk officer, replacing Kevin Lee-Crossett.

Lee-Crossett previously held the joint role of chief risk officer and chief legal officer. He will now solely serve as chief legal officer, responsible for the legal functions of the Old Mutual Wealth business.

Wright joins from Sun Life Financial, where he was senior vice president, enterprise and operational risk. He previously served as chief risk officer at Prudential UK and Europe. He has also worked at the London Stock Exchange as head of equity and debt markets.

Based in London, he will be responsible for the governance and oversight of strategic, operational and financial risks to the Old Mutual Wealth businesses. In addition to the firm's wealth management offering in the UK and Italy, this includes the Intrinsic network of financial advisors in the UK, AAM Advisory in Singapore, Old Mutual International, Old Mutual Global Investors and discretionary investment manager Quilter Cheviot. 

Wright will report to Paul Feeney, chief executive of Old Mutual Wealth. 

“His vast risk and compliance experience across the sectors in which we operate will be invaluable as we take Old Mutual Wealth to the next stage in its development. His appointment further strengthens our executive management team,” said Feeney.

Old Mutual Wealth, part of London-listed Old Mutual, oversaw £107.1 billion ($138.8 billion) in customer investments as at the end of March 2016. Late last month, Old Mutual confirmed plans to list the wealth manager as a separate entity on the London and Johannesburg stock exchanges through a demerger.