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Old Mutual chair to leave business after separation

Old Mutual chair to leave business after separation

Old Mutual’ s chairman Patrick O’Sullivan will leave the company after its planned separation to take up the chairmanship of retirement business Saga.

In an announcement to markets this morning Old Mutual said O'Sullivan, who is chairman and non-executive director of the company, has been appointed as Chairman of Saga plc with effect from 1 May 2018. O’Sullivan succeeded Chris Collins as chairman of Old Mutual in 2010.

It noted that O'Sullivan will continue in his role at Old Mutual until the managed separation process has been concluded.

Old Mutual is separating its UK businesses from the South African parent company.

Old Mutual Wealth will be renamed to the Quilter brand which will be formed of two divisions Advice and Wealth Management, and Wealth Platforms.

The Advice and Wealth Management division will include network Intrinsic (which will be rebranded as Quilter Financial Planning), national advice firm Private Client Advisers (which will become Quilter Private Client Advisers) and its multi-asset business which will become Quilter Investors. Its discretionary fund manager Quilter Cheviot will not change its name.

The Wealth Platforms division will feature the Old Mutual platform, which will be rebranded as Quilter Wealth Solutions, as well as the Heritage life, which will become Quilter Life Assurance.

In a statement accompanying this morning’s announcement O'Sullivan said: ‘The managed separation process is nearing its successful completion. I am very proud of what has been achieved by the board and our colleagues and I look forward to joining the Saga board in May.’

 

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