Old Mutual Wealth is expanding its Asia operations with three senior appointments within both its offshore business, Skandia International, and its asset management business, Old Mutual Global Investors.

Old Mutual Wealth, with £75.2 billion ($120.5 billion) of client assets, is expanding its Asia operations with three senior appointments within both its offshore business, Skandia International, and its asset management business, Old Mutual Global Investors, the firm announced today.

Skandia International plans to expand its product suite in Asia to fit with its existing life and investment products. Old Mutual Global Investors will look to extend its presence in the region by partnering with regionally based global financial institutions, regional banks and wealth managers, the statement from Old Mutual Wealth said.

“Ultimately, Old Mutual Wealth is strengthening its operations in the region to offer its award winning products and expertise to a broader set of customers, including high net worth Asian investors in Singapore and Hong Kong, in addition to the business it already conducts in the area with expats,” it said.

Skandia International has appointed Steve Hickman as global head of high net worth in its international sales team. He joined from HSBC in Hong Kong, where he was head of distribution for high net worth business. At HSBC he was involved in designing and implementing the HSBC high net worth insurance proposition. Prior to HSBC, Hickman worked for American International Assurance in Hong Kong, where he redesigned the high net worth brokerage channel.  He has 18 years of insurance experience, including nine years in Asia.

Xerxes Wong has joined the commercial product team at Skandia International as the head actuary, high net worth Asia, based in Hong Kong. He joined from American International Assurance in Hong Kong, and has also worked for American International Assurance in India, HSBC in Hong Kong and Standard Life in Hong Kong.

During his four years at HSBC, Wong played a key role in rolling out three generations of industry leading high net worth products to a wide range of distribution partners across Hong Kong and Singapore. He has 10 years’ experience in the insurance industry, and has been a fellow member of the Society of Actuaries (FSA) since 2008.

Meanwhile, at Old Mutual Global Investors, Carol Wong will join Old Mutual Global Investors team as head of distribution for Asia in November 2013 (subject to regulatory approval). Wong will join from BNP Investment Partners in Hong Kong where she was head of distribution for Hong Kong, China and South East Asia.

She has spent the last 15 years at BNP, and has previously worked at Jardine Fleming Unit Trusts Limited in Hong Kong and at HSBC in Hong Kong.

“Old Mutual Wealth’s plans to grow its presence in Asia are in recognition of the opportunities the region has to offer,” the firm said.

The company pointed out that, according to figures from sources such as the RBC Wealth Management/Capgemini World Wealth Report 2013, the recent growth in population rates and the consequent rise in wealth levels across the region will lead to Asia becoming the world's wealthiest region in the near future.

“Asia is fast becoming one of the world’s wealthiest regions, and a core part of our strategy is to leverage the strength of our combined businesses to grow our proposition in the region. Strengthening our presence, broadening our capability, and ultimately our customer reach, will allow us to capture these growth opportunities as they develop,” Paul Feeney, chief executive of Old Mutual Wealth, said.

At the start of September, Old Mutual Wealth appointed three independent non-executive directors to its board. Jane Hanson and Simon Davies were appointed for an initial term of three years, while Ashok Gupta has been appointed for a one-year term to provide continuity from the former holding company board of Skandia Life to the board of Old Mutual Wealth.

In August, Old Mutual Wealth reported an adjusted pre-tax operating profit, on an IFRS basis, of £108 million ($165.7 million) for the first half of 2013, up by 14 per cent compared to the same period last year.

Old Mutual Wealth is part of London-listed Old Mutual. At 30 June 2013, the Old Mutual Group held £289.3 billion of client assets under management.