Old Mutual appoints Feeney as wealth CEO

Old Mutual has appointed Paul Feeney as chief executive of its wealth management business.

Mr Feeney will replace Bob Head, the chief executive of the Old Mutual Wealth Management group of businesses that includes the Skandia UK platform and Skandia Investment Group, who resigned in September 2011.

He is currently chief executive of Old Mutual’s long term savings asset management business, will take up his new role on 1 August and will continue to report to Paul Hanratty, chief executive of Old Mutual’s long term savings division.

Old Mutual Wealth Management comprises of Skandia UK, Skandia International, its European businesses, Skandia Investment Group and Old Mutual Asset Managers. The business has assets under management of £63bn, gross inflows of £12.2bn and net client cash flow of more than £2bn during 2011.

Mr Hanratty said: “Paul has made a significant impact since he joined Old Mutual at the beginning of this year and we are confident that he is the right man to drive the growth and development of our wealth management operation.

“Wealth management has great potential and will play a key part in the group’s future growth.”