Old Mutual is setting up a UK investment subsidiary to offer a multi-manager funds platform, availab...
Old Mutual is setting up a UK investment subsidiary to offer a multi-manager funds platform, available via on and offshore life products, writes Robert Stock.
The subsidiary, aimed at high net worth individuals, is looking to link to a range of carefully selected funds which investors can switch between while protecting them from crystallising capital gains.
At present, it is using the name Old Mutual Life UK but will be launching a new brand later in the year. It is in the process of talking to investment managers to select the funds to populate its platform in preparation for a November launch.
It is aiming to market only through high-end intermediaries who service the high net worth market of individuals with between £30,000 and £150,000 of investible capital.
The subsidiary, which is based in St Albans, is headed by managing director Brett Williams, along with recently recruited Bill Vasilieff from M&G as marketing director and Graham Bentley, also from M&G, as head of investment marketing.
Other members of the team are operations director John Tomlins, who joined from Britannic Assurance, and sales director Dave Hazelton, who joined from J Rothschild Assurance International.
The news comes as the board of Old Mutual plc has split the roles of chairman and chief executive officer. Michael J Levett will continue as chairman and James Sutcliffe has been named as chief executive officer from 1 November 2001.
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