Old Mutual plc said it has named Rob Leith to oversee the “managed separation” of its key business entities, as announced last week.
At the same time, its Old Mutual Wealth division said it had completed its acquisition of AAM Advisory, the Singapore advisory firm it revealed it was to buy last month. The purchase price wasn’t disclosed.
Under the terms of the agreement, AAM Advisory will continue to operate separately from Old Mutual Wealth’s existing businesses in the region, Old Mutual International and Old Mutual Global Investors, and continue to operate under the AAM Advisory name. Its 30 advisers will also continue to work for the business.
In a statement, Old Mutual Wealth said the acquisition of AAM Advisory, which is headed up by Matthew Dabbs, pictured, “demonstrates Old Mutual Wealth’s long-term commitment to the Singapore region and to the financial advice market”.
Last week, Dabbs said there would be “no change to the management or advisory team at AAM, and we will continue to offer advice and solutions from exactly the same range of product providers as before.
“All existing planning that we have worked on with our customers and various product providers remains unchanged.”
Leith’s appointment as director of managed separation — which sees him join Old Mutual group CEO Bruce Hemphill’s executive management team — will involve his working in partnership with Old Mutual’s group finance director, Ingrid Johnson, and group strategy director, Ian Gladman to “deliver the new strategy”, the company said in a statement.
Old Mutual said Leith was joining from an undisclosed private investment company, where he had been since September 2014. Prior to that, he had been global head of investment banking and global markets of Sberbank CIB.