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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:

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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