INSURER Old Mutual overhauled its UK wealth division yesterday, creating a new investment unit and promoting top fund manager Richard Buxton to head its retail business.
The FTSE 100 listed firm has been forced into the rejig following its £585m takeover of UK wealth manager Quilter Cheviot earlier this year.
Quilter boss Martin Baines has been promoted to head the new division, with Quilter Cheviot and Old Mutual Global Investors (OMGI) sitting in the unit.
Current OMGI boss Julian Ide is leaving the company and Buxton will replace him. Industry veteran David Loudon has been promoted to lead Quilter as part of the restructure.
Buxton’s move to combine executive duties with his responsibility as a fund manager could raise eyebrows, but yesterday he promised to remain focused on running money.
“Investment remains my first passion and priority – I would not have accepted any additional responsibilities which would compromise my ability to invest on my clients’ behalf,” he said.