Old Mutual Wealth, comprising Skandia and Old Mutual Global Investors, has confirmed that vice chairman Peter Mann is retiring to pursue new challenges outside of the company.

Old Mutual Wealth, comprising Skandia and Old Mutual Global Investors, has confirmed that vice chairman Peter Mann is retiring to pursue new challenges outside of the company.

Mann will stay with the business until the mid-year to ensure a smooth hand over of his responsibilities, Old Mutual Wealth said in a statement.

Mann has been with Old Mutual Wealth for 12 years, arriving in 2001 when the group acquired Bankhall where he was CEO. He has since held a number of positions in the business, including CEO Skandia UK and vice chairman Old Mutual Wealth.

“In October of last year I agreed to take on the role of vice-chairman to support Paul Feeney and the rest of the management team in our exciting journey to move from the best investment platform in the UK to the best investment business. Following the launch of our WealthSelect product range, the acquisition of Intrinsic and the arrival of key new talent I am confident that journey is well underway," said Mann.

Mann was appointed as vice chairman last October to act as a senior ambassador for the Old Mutual Wealth business, focusing on the needs of financial advisors.

Old Mutual Wealth announced in February that it had acquired Intrinsic Financial Services for an undisclosed sum. Under the terms of the Old Mutual Wealth/Intrinsic deal, it brings together Intrinsic’s network of 3,000 independent and restricted advisors with Old Mutual Wealth’s investment platform and asset management solutions. The deal is a sign of the kind of industry consolidation happening in the wake of the UK’s Retail Distribution Review.

In its annual results, Old Mutual said it saw strong net client cash flows across the businesses resulting in a 15 per cent profit growth to £1.6 billion($2.67 billion) on a constant currency basis, while in the group’s wealth division,  funds under management were up 19 per cent to £293.8 billion.