Print this article
Old Mutual Wealth Vows Expansion Drive In Asia, Names Key Hires
Tom Burroughes
23 September 2013
, 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.