Old Mutual, the UK-based international savings and wealth management firm is to set up its Asia Pacific headquarters in Hong Kong from where it will expand its existing operations throughout the region. Steffen Gilbert, formerly chief executive of South Africa's short-term insurer Santam, has been appointed as regional head of Asia Pacific. Old Mutual Asia Pacific currently operates in China, India and Australia. Mr Gilbert, who will lead the team in building the regional business and in particular developing new market entities, will report directly to Old Mutual's chief executive Jim Sutcliffe. "Asia Pacific is becoming an increasingly significant part of our business. Strong equity markets and favourable demographics offer a great opportunity for us to expand further," said Mr Sutcliffe. In China, the joint venture between Skandia and Beijing State Asset Management has grown to the seventh largest life assurance company in China by gross premiums, of the 25 foreign-affiliated insurance companies. It is licenced to operate in Beijing, Shanghai and Jiangsu Province. The Indian joint venture with the Kotak Mahindra Group, in which Old Mutual has a 26 per cent stake, has increased its exposure to the India market rapidly with a direct salesforce of 27,500 and representation in 55 cities. In September, Old Mutual agreed to a capital injection of INR1.5 billion ($37 million) to extend its office network to 150 locations and increase its workforce by 35 per cent by its year-end. Skandia Group Australia offers retail mutual and institutional investment funds. It had funds under management of A$15.0 billion ($13 billion) at 30 September 2007. Old Mutual provides asset management, life assurance, banking and general insurance services in over 40 countries, primarily South Africa, Europe and the US. It had £270 billion of funds under management and 53,000 employees at 30 September 2007.