South Africa’s Old Mutual has appointed Paul Feeney as chief executive of its wealth management business, effective from 1 August.

Feeney is currently of CEO Old Mutual's Long Term Savings asset management business, having joined the firm at the start of this year. Before this he was head of distribution and an executive director at BNY Mellon Asset Management.

Old Mutual’s wealth management unit comprises Skandia UK; Skandia International; the European businesses; and the newly-combined Skandia Investment Group and Old Mutual Asset Managers (UK).

Julian Ide will continue to run the combined Skandia Investment Group and Old Mutual Asset Managers UK business and will report to Feeney, while Diane Radley, the CEO of Old Mutual Investment Group South Africa, will now report into Paul Hanratty, CEO of the Long Term Savings division.

"Paul has made a significant impact since he joined Old Mutual at the beginning of this year and we are confident that he is the right man to drive the growth and development of our wealth management operation. Wealth management has great potential and will play a key part in the group's future growth," said Hanratty.

Last month Old Mutual named Celeste Dias as head of product development for Skandia Investment Group/Old Mutual Asset Managers (UK). The move to combine Skandia and its asset management business into a single unit  was aimed at increasing the business’ market profile as well as its ability to attract talent and new clients, the firm has said.