Old Mutual has hired Bruce Hemphill from Africa's Standard Bank Group as the new group chief executive.

London-headquartered Old Mutual has appointed Standard Bank's Bruce Hemphill to succeed Julian Roberts as group chief executive.

Hemphill will join the investment and insurance group from his position as chief executive of wealth, insurance and non-bank financial services at Standard Bank Group. Before this, he was chief executive at African financial services firm Liberty Group from 2006 to 2014.

Roberts, who has led the Old Mutual group for the past seven years, will hand over to Hemphill towards the end of the year and continue on as executive director. He will be based in London.

"I am delighted that we are able to appoint such a uniquely qualified individual to succeed Julian and build upon his record of success,” Old Mutual's group chairman, Patrick O'Sullivan, said in a statement.

“Bruce will bring experience as a chief executive of a public company combined with an in-depth knowledge of investments, savings, insurance and banking. He also has a deep understanding of the South African and wider African financial services environment.”

At the end of last year, Old Mutual reported adjusted operating pre-tax profit of £1.6 billion ($2.4 billion) and £319 billion of funds under management from core operations.