Old Mutual Wealth has announced that it is to replace chief operating officer Paul Penney, with an impending new appointment of Steven Braudo, who is set to join from Standard Bank Wealth.
The move, effective 1 June and subject to regulatory approval, will see Braudo take over the COO role, with Penney leaving the firm later in the year.
Braudo has spent over 23 years working in the South African financial services industry including roles with UK and global wealth management responsibilities. He joins Old Mutual Wealth from Standard Bank Wealth where he has been chief executive since 2015.
Prior to Standard Bank Wealth, he worked for Liberty Holdings Limited from 2008 in a number of subsidiary positions, before becoming deputy CEO of Liberty Holdings itself in 2013. Braudo also brings main board governance experience having been appointed to the Liberty board of directors in 2013.
Old Mutual Wealth said that it was a result of the ‘broadening scope of the COO’s responsibilities’, that Penney has decided to leave the business later in the year. The company thanked Penney for his “significant contribution over the last four years”, as well as his continued support through this period of transition.
Earlier this year, the firm’s South African parent company Old Mutual announced plans, as reported, to break up the business into four parts. These are: Old Mutual Emerging Markets, Old Mutual Wealth, Nedbank and OM Asset Management
Paul Feeney, chief executive of Old Mutual Wealth, welcomed Brauno to the firm. “His wealth of general management experience will be invaluable to our leadership team,” he said. “Our focus will be on ensuring that our vertical integration model is robust, that it drives further collaboration between the individual Old Mutual Wealth businesses.”
Yesterday, as reported, Old Mutual Wealth announced strong net client cash flows of £1.8bn for Q1 2016, an increase of 80% on the same time last year (Q1 2015: £1.0bn).