Old Mutual has appointed Paul Feeney as chief executive officer (CEO) of its wealth management business, handing him the task of driving forward the growth and development of the £63 billion arm.
Old Mutual Wealth Management, which includes Skandia UK, Skandia International, its European business, Skandia Investment Group, and Old Mutual Asset Managers, saw gross inflows of £12.2 billion and net cash flow of over £2 billion last year.
Feeney (pictured), who is currently CEO of Old Mutual’s long term savings and asset management business after joining the firm earlier this year, will start the role in August and continue to report to Paul Hanratty, CEO of the Old Mutual’s long term savings division.
He has previously worked as managing director of NatWest Investments, in the UK and the US, as well as global marketing director of the Coutts Group.
Hanratty said: ‘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.’
Earlier in the year, the firm announced the merger of Skandia Investment Group and Old Mutual Asset Management.