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Old Mutual Wealth Strengthens Executive Leadership Team - Tim Tookey Apppointed Chief Financial Officer

28/04/2017

The Board of Old Mutual Wealth announces today that it has appointed Tim Tookey as Chief Financial Officer, reporting to Paul Feeney, Chief Executive of Old Mutual Wealth. This appointment is subject to regulatory approval. Tim is currently a Non-Executive Director of Old Mutual Wealth and Chairman of its Audit Committee.

Mark Satchel will become Corporate Finance Director and act as Deputy to Tim.  Mark will remain a member of the Old Mutual Wealth Executive Committee and a Director of the Old Mutual Wealth Board.

George Reid takes over from Tim as Interim Chair of the Old Mutual Wealth Board’s Audit Committee. Old Mutual Wealth will commence a search for an Independent Non-Executive Director to replace Tim as Chair of the Board’s Audit Committee.

Tim brings significant financial services experience to Old Mutual Wealth.  He has worked at Board level in financial services for over 20 years and has been responsible for managing a large number of significant business transformation and strategic projects, capital markets activity and other corporate actions.  Most recently, Tim was Chief Financial Officer of Friends Life Group (2012-15). Prior to this his roles included six years at Lloyds Banking Group plc, including being Group Finance Director from 2008-12; Finance Director (UK and Europe) at Prudential plc from 2002 to 2007, and Group Finance Director at Heath Lambert Group.

Tim will work with Mark to prepare the business for the planned demerger and a listing on the London and Johannesburg Stock Exchanges, as part of Old Mutual plc’s Managed Separation process.

Mark has been a pivotal member of the Old Mutual Wealth Executive Committee for many years.  He has played an instrumental role in implementing Old Mutual Wealth’s successful business model, helping shape the footprint of its organisation, which has ultimately delivered sustainable profit growth.

Paul Feeney said: "I am delighted that Tim has agreed to join the executive team. He brings a wealth of capital markets, regulatory and operating experience with large publicly listed financial services companies. I believe that working together, Tim and Mark will support the business through the next phase of our corporate journey as well as building on the positive momentum we have achieved. We will be seeking to appoint a further non-executive director in due course, given Tim’s executive appointment.”

Tim Tookey said: "I am excited to be joining Old Mutual Wealth in a full time executive capacity as it moves into this next important phase of its evolution.  Old Mutual Wealth is a unique and successful wealth management business. I look forward to working with Paul, Mark, the leadership team and Old Mutual plc as we prepare this business for an independent future.”

Glyn Jones, Independent Non-Executive Chairman of Old Mutual Wealth added: “Old Mutual Wealth has taken another positive step in its preparation for Managed Separation.  Tim has a proven track record in senior roles in finance for publicly listed companies. I look forward to working further with Tim and Mark in their new roles.”

 

Notes to Editors

Biographical details

TIM TOOKEY

Tim brings a wealth of financial services experience to Old Mutual Wealth.  He has worked at board level in financial services for over 20 years and has been responsible for managing a large number of significant business transformation and strategic projects, mergers and acquisitions.  Most recently, Tim was Chief Financial Officer of Friends Life Group (2012-15). Prior to this his roles included six years at Lloyds Banking Group plc, including being Group Finance Director from 2008-12; Finance Director (UK and Europe) at Prudential plc from 2002 to 2007, and Group Finance Director at Heath Lambert Group. Tim worked at Heaths from 1996 to 2002 leading the management buy-out of CE Heath plc in 1997 and the public takeover of Lambert Fenchurch plc in 1999. Tim worked at KPMG from 1985 to 1996, specialising in corporate finance advisory work and audit.  Tim is currently a Non-Executive Director of Old Mutual Wealth, a position he has held since February 2017, and is a Non-Executive Director of Nationwide Building Society, where he chairs the Board Risk Committee and is a member of certain other board committees including the Audit Committee. 

MARK SATCHEL

Mark joined Old Mutual in the UK in January 2000 and has held numerous leadership positions within the finance function at Old Mutual plc and in the operating business units.  He joined the Board of Old Mutual Wealth in 2010 on his appointment as Chief Financial Officer to the business (then branded ‘Skandia’).  Mark has been responsible for the disposal of nine businesses in Continental Europe, and played a lead role in the acquisition of Intrinsic and Quilter Cheviot.  He was instrumental in implementing Old Mutual Wealth’s successful business model and helped scope the footprint of the business which has led to the development of a business that is now fit for an independent listing.  Prior to his current role, Mark was Chief Financial Officer for Skandia's Europe & Latin America Division, and before that he spent a year in Sweden on the integration of Skandia into Old Mutual.  Mark qualified as a Chartered Accountant in South Africa, and worked for KPMG in both South Africa and Canada prior to moving to the UK.

For more information contact

Vee MontebelloOld Mutual Wealth020 7778 955007872 665149vee.montebello@omwealth.com
Ed Gascoigne-PeesCamarco020 3757 498407884 001 949
Geoffrey Pelham-LaneCamarco020 3757 498507733 124 226

Notes to Editors:

Old Mutual Wealth is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Old Mutual Wealth oversees £131.3 billion in customer investments (as at 30 September 2017).

It has an adviser and customer offering spanning: Financial advice; investment platforms; multi-asset and single strategy investment solutions; and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Old Mutual Wealth’s multi-asset investment solutions business.

Old Mutual Global Investors (‘OMGI’) is the asset management business of Old Mutual Wealth with £39.8bn funds under management (as at 30 September 2017). On the 19th December 2017, Old Mutual Wealth announced that it has agreed to sell its Single Strategy asset management business to the Single Strategy Management team and funds managed by TA Associates. The proposed transaction is subject to customary closing conditions, including regulatory approvals. 

Following managed separation from Old Mutual plc, Old Mutual Wealth will rebrand to Quilter plc. Each of the businesses within the Quilter Plc group will be rebranded over a two-year period, with the exception of Quilter Cheviot, which will retain its existing name.

Old Mutual Wealth is part of Old Mutual plc, a FTSE 100 group that provides life assurance, asset management, banking and general insurance. Old Mutual is trusted by more than 19.4 million (as at 31 December 2016) customers across the world and has a total of £212.3 billion of assets under management (as at 30 June 2017).

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