Share

Old Mutual Wealth launches a dedicated multi-asset investment business

03/09/2017

Old Mutual Wealth continues to refine its business model as it prepares for its managed separation from Old Mutual plc in 2018. Old Mutual Wealth seeks to be capital efficient and continuously enhance the prospects for delivering attractive long term economic returns for shareholders.

Given the strengths of both of the investment teams, Old Mutual Wealth believes that there is an opportunity for both multi-asset and single strategy to develop as separate distinct businesses.

Old Mutual Wealth has one of the fastest growing multi-asset capabilities in the UK with £16bn of assets under management as at 30th June 2017. In the first half of 2017, multi-asset reported net inflows were £1.6bn. Multi-asset is a core part of the Old Mutual Wealth strategy, delivering peer leading investment solutions to a wide number of UK and international retail clients through our significant distribution footprint.

The multi-asset capability comprises portfolio management of multi-asset funds and managed portfolio services as well as fund research. Old Mutual Wealth’s multi-asset investment team is one of the largest and most experienced in the UK, with a great depth and breadth of talent across the team.

Old Mutual Wealth announces that this business will be led by Paul Simpson who has been appointed as CEO and a member of the Old Mutual Wealth Executive Committee (subject to regulatory approval).

Both the Old Mutual Global Investors’ single strategy and multi-asset investment teams have built strong franchises in their own right since OMGI was created in 2012.

Old Mutual Global Investors will focus on its highly successful single strategy portfolio range and will continue to grow this attractive franchise under the leadership of Richard Buxton as CEO. Old Mutual Wealth is assessing, together with OMGI management, internal and external structures for the single strategy business to continue to develop it further.

Paul Feeney, CEO of Old Mutual Wealth, comments:

Paul Feeney“We continue to refine the long term strategy of our business and our preparations for listing in 2018 are well on track. Investment management remains at the core of the business and multi-asset management and discretionary fund management are cornerstone capabilities. They are critical components to ensure we continue to deliver good customer outcomes, as well as supporting the on-going retention of assets. The creation of a dedicated multi-asset business, led by Paul Simpson, is a further step to enhance Old Mutual Wealth’s future prospects.”

There will be no change to any of the investment management teams or product ranges. 

 

Notes to Editors

Paul Simpson

Paul began his capital markets career in risk management, gaining experience in major houses such as Deutsche Bank and UBS, and trading a wide range of equity market neutral and arbitrage strategies. Switching to investment management he was PM on a successful merger arbitrage fund at DPFM, later concentrating on statistical arbitrage, with 2 years as a PM at Millennium Partners. He joined Old Mutual in 2006. At Old Mutual he initiated and was co-manager on the European Statistical Arbitrage fund (launched 2006) and Global Statistical Arbitrage fund (launched 2007). He was appointed Head of Alternatives at OMGI in 2009, having managerial responsibility for quantitative multi-factor investment processes spanning hedge funds, alternative and long only UCITS funds. He was appointed Investment Director in January 2015. Paul is Chair of OMGI’s Investment Director’s Committee and sits on the Boards of Old Mutual’s’ UK, Irish and Cayman investment funds. He is also a member of Old Mutual Global Investors’ Executive Committee. Paul has a BA in Economics from Cambridge University (1980) and an MBA from the University of Bradford Management Centre (1986).

For more information contact

Vee MontebelloOld Mutual Wealth020 7778 955007872 665149vee.montebello@omwealth.com
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).

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

These materials are not an offer to sell, or a solicitation of an offer to purchase, securities in the United States. The securities to which these materials relate have not been registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of the securities in the United States.

These materials do not constitute or form a part of any offer or solicitation or advertisement to purchase and/or subscribe for Securities in South Africa, including an offer to the public for the sale of, or subscription for, or the solicitation or advertisement of an offer to buy and/or subscribe for, shares as defined in the South African Companies Act, No. 71 of 2008 (as amended) or otherwise (the “Act”) and will not be distributed to any person in South Africa in any manner that could be construed as an offer to the public in terms of the Act. These materials do not constitute a prospectus registered and/or issued in terms of the Act. Nothing in these materials should be viewed, or construed, as “advice”, as that term is used in the South African Financial Markets Act, No. 19 of 2012, as amended, and/or Financial Advisory and Intermediary Services Act, No. 37 of 2002, as amended.

These materials are distributed in any member state of the European Economic Area which applies Directive 2003/71/EC (such Directive, together with any amendments thereto including Directive 2010/73/EU, the “Prospectus Directive”) only to those persons who are qualified investors for the purposes of the Prospectus Directive in such member state, and such other persons as these materials may be addressed to on legal grounds, and no person that is not a relevant person or qualified investor may act or rely on this document or any of its contents.

This document is being distributed to and is only directed at: (i) persons who are outside the United Kingdom; or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the “Order”); or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as “relevant persons”). Any invitation, offer or agreement to subscribe, purchase or otherwise acquire securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Old Mutual Wealth Management Limited, a Private Limited Company (Company Number 0604270), Old Mutual House Portland Terrace Southampton Hampshire SO14 7EJ.