Old Mutual Wealth has named Glyn Jones, a well-known UK financial services industry executive, to succeed Bruce Hemphill as the independent non-executive chairman of the Old Mutual Wealth board.
The appointment is subject to regulatory approval, Old Mutual said in a statement today.
Hemphill, who is chief executive of Old Mutual plc, will continue to be a director of the Old Mutual Wealth board, and Jones will work closely with him as the London-listed parent company goes ahead with its plans to spin off the wealth business.
Jones, pictured, is presently chairman of Aspen Insurance Holdings, a New York Stock Exchange-listed business, as well as chairman of Aldermore Group, a challenger bank that went public in 2015 on the London Stock Exchange. Previous non-executive roles have included being a senior independent director of the Direct Line Insurance Group, which position he assumed ahead of its LSE listing.
Other companies of which he has previously served as chairman include Hermes Fund Managers, BT Pension Scheme Management, and the Towry financial advisory firm.
He began his career with Deloitte, Haskins & Sells, a predecessor firm to PWC, and over the years worked for Standard Chartered; NatWest, including its Coutts Group operation; and Gartmore Investment Management.
As reported, Old Mutual plc is in the process of executing what it calls a “managed separation” strategy that is aimed at breaking up the business into four constituent entities: Old Mutual Wealth, Old Mutual Emerging Markets, Old Mutual Asset Management and Nedbank.