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After a 40 year career in The City David Loudon announces he is to retire as CEO of Quilter Cheviot

25/01/2017

Quilter Cheviot, part of Old Mutual Wealth, announces that David Loudon, Chief Executive Officer, has decided to retire from his role with effect from 30 June 2017.  From that date, David will act as an adviser to the business.

Martin Baines, who was Chief Executive Officer of Quilter Cheviot from 2003 to 2015, will resume responsibility for leading Quilter Cheviot from 1 July 2017. As Chief Executive Officer, Martin will provide continuity as Old Mutual Wealth embarks on the next phase of its corporate journey, as part of Old Mutual plc’s Managed Separation process.  Reporting to Paul Feeney, Chief Executive Officer, Old Mutual Wealth, Martin will continue to be a member of the Old Mutual Wealth Executive Committee.

David Loudon commented: “After a career spanning almost 40 years in investment management and stockbroking, I have decided that the time is right to retire from my CEO responsibilities. I am immensely proud of the journey we have been on since I joined the firm in 1993. I am delighted that it is not ‘goodbye’ and I look forward to continuing to support this incredible business in an advisory capacity.

“I will step down from my role knowing that Quilter Cheviot will be led by Martin and our highly experienced leadership team and that, working together, they will continue to grow a business that puts its clients at the heart of all it does”.   

Martin Baines, Chief Investment Director at Old Mutual Wealth, added “David has worked tirelessly for Quilter Cheviot in building a substantial business and I pay tribute to his loyalty and dedication as our firm has grown into a peer leading business in the investment management sector. We have worked together for the last 23 years and I thank him for his support and leadership of QC. I am delighted that David has agreed to stay on in an advisory capacity. I look forward to working with him and continuing to receive his valued wisdom and guidance.”  


Notes to Editors:

David Loudon:

David has been Chief Executive of Quilter Cheviot and a member of the Old Mutual Wealth Executive Committee since August 2015.  David was appointed to the Boards of Quilter Cheviot Ltd and Quilter Cheviot Holdings Plc following the completion of the acquisition of Quilter Cheviot by Old Mutual plc in March 2015.

David started in the industry with W Greenwell & Co, becoming a partner at Smith Keen Cutler in 1985 and before joining Quilter Cheviot in 1993, was a director of Greenwell Montagu Stockbrokers.  In May 2015 David was appointed Head of Investment Management at Quilter Cheviot Investment Management and in addition had line management responsibility for the sales and marketing teams. Prior to that David was Head of the Regional offices, the role increased considerably following the opening of a number of new offices and in 2014 David also took over responsibility for the firm’s offshore office in Jersey. David is particularly fortunate to have a great team which makes his role stimulating and David enjoys building on-going client relationships and developing opportunities to grow the business at Quilter Cheviot. David is a member of the firm’s Executive Committee.

David has almost 40 years’ investment management experience and is a Chartered Fellow of the Chartered Institute for Securities & Investment, a former board member of the Institute and a member of the committee responsible for its performance as an accredited body.

David lives in Warwickshire, a few miles outside Stratford upon Avon with his wife, Catherine and children, Katie and Ollie – life is busy! David enjoys his time with the family and aims to find time to read, swim, garden and follow most of the countryside sports.

Martin Baines:

Martin has over 30 years’ experience in the stockbroking and investment management industry.
Martin Baines was appointed Chief Investment Director of Old Mutual Wealth in August 2015.  Prior to that, he was Chief Executive Officer of Quilter Cheviot. 

He became a Director of Quilter in 1998 and joined the Management Group in 1999. He also served as Chief Executive Officer of Quilter Fund Management Limited. Martin has previously served as Head of Onshore Branches, with specific responsibility to build the UK branch network. Following the purchase of Quilter by Morgan Stanley in 2001, Martin was appointed as a Managing Director of Morgan Stanley in 2002 and Chief Executive Officer of Quilter in 2003.

In 2011/2012, Martin led the Bridgepoint backed buyout of Quilter from Morgan Stanley. The Quilter business then merged with Cheviot, a leading London based investment management business. Post integration of the two companies, Martin led the subsequent deal process which resulted in Quilter Cheviot becoming part of Old Mutual Wealth, a leading UK wealth business.

After graduating in economics, he trained originally with KPMG before beginning a career in stockbroking and investment management. Martin is a fellow of the Chartered Institute for Securities & Investment.

Quilter Cheviot

Quilter Cheviot, part of Old Mutual Wealth, is one of the UK’s largest discretionary investment firms and can trace its heritage to 1771.The firm is based in twelve locations across the UK, Jersey and Ireland and has total funds under management of £20bn (as at 30 September 2016). Quilter Cheviot focuses primarily on structuring and managing bespoke discretionary portfolios for private clients, charities, trusts, pension funds and intermediaries.

Quilter Cheviot Limited is registered in England with number 01923571, registered office at One Kingsway, London, WC2B 6AN, England. Quilter Cheviot Limited is a member of the London Stock Exchange; is authorised and regulated by the UK Financial Conduct Authority; has established a branch in Jersey and is regulated under the Financial Services (Jersey) Law 1998 by the Jersey Financial Services Commission for the conduct of investment business in Jersey and by the Guernsey Financial Services Commission under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 to carry on investment business in the Bailiwick of Guernsey; is regulated by the Dubai Financial Services Authority as a Representative Office (and its business name in Dubai is Quilter Cheviot Limited (DIFC Representative Office)); and has established a branch in Dublin, Ireland with number 904906 and is regulated by the Central Bank of Ireland for conduct of business rules. Accordingly, in some respects the regulatory system that applies will be different from that of the United Kingdom.

 

This press release is for journalists only and should not be relied upon by financial advisers or customers. Investments may fall or rise in value and investors may not get back what they put in.

 

For more information contact

Vee Montebello, Director of Communications

Direct Line: 020 7778 9550
Mobile: 07872 665149

Laura Harris (Influential).
0151 239 5026
harris@thisisinfluential.com

Notes to editors:

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

On a ‘go forward basis’, Quilter oversees £ 111.6 billion in customer investments (as at 31 March 2018).

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.

The Quilter businesses will be re-branded to Quilter over a period of approximately two years following separation from Old Mutual:

  • Intrinsic to Quilter Financial Planning
  • Private Client Advisers to Quilter Private Client Advisers
  • The Multi-Asset business to Quilter Investors
  • The UK Platform to Quilter Wealth Solutions
  • The International business to become Quilter International
  • The Heritage life assurance business to Quilter Life Assurance
  • Quilter Cheviot will retain its name.

On 19 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. 

Quilter is part of Old Mutual plc, a FTSE 100 group that provides investment, savings, insurance and banking. For the year ended 31 December 2017, Old Mutual reported an adjusted operating profit before tax of £2.0 billion. For further information on Old Mutual plc and the underlying businesses, please visit the corporate website at www.oldmutualplc.com.

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