Old Mutual Wealth has established a new investment division, which will be headed by Quilter Cheviot CEO Martin Baines.
The new division will include discretionary manager Quilter Cheviot and asset manager Old Mutual Global Investors (OMGI).
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David Loudon will replace Baines as CEO of Quilter Cheviot, while Richard Buxton will become CEO of OMGI. Buxton will be succeeding Julian Ide, who is stepping down from the firm.
Old Mutual said that the CEOs of Quilter Cheviot and Old Mutual Global Investors (OMGI) will report to Baines.
Also, Warren Tonkinson will become managing director of OMGI to allow Buxton to remain focused on his fund whilst providing overall investment leadership as CEO. Tonkinson will report to Buxton in his new role.
Old Mutual Wealth CEO Paul Feeney said: "I can think of no better person to appoint as CEO of OMGI than Richard – his experience, exceptional investment skill and his principles will take our asset management business forward with a clear focus on delivering the wealth creation that is at the heart of our business.
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By GlobalData"David’s unremitting client focus and immense experience makes him the ideal CEO for Quilter Cheviot. It is business as usual for our discretionary fund managers who will continue to pick the right investment solutions to protect and increase their clients’ prosperity."
