Bruce Hemphill is stepping down as chairman of Old Mutual Wealth, handing the role to former Gartmore CEO Glyn Jones, but remains CEO of the wider Old Mutual group.
Hemphill (pictured), who has been CEO of Old Mutual since November 2015, will remain a director on the Old Mutual Wealth board.
Jones joins Old Mutual Wealth as independent non-executive chairman, subject to regulatory approval, and will work closely with Hemphill as the parent group seeks to separate the wealth business, as announced earlier this year.
He is presently chairman of Aspen Insurance, a New York Stock Exchange-listed business, and chairman of Aldermore Group, the challenger bank that went public in 2015 on the London Stock Exchange.
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Jones has also held non-executive roles in the past at Hermes Fund Managers, Towry, Direct Line Insurance Group and BT Pension Scheme Management.
He started his career at Deloitte, Haskins & Sells, a predecessor firm to PWC, and has also worked at Standard Chartered Bank in Hong Kong, for NatWest Bank as CEO of the Coutts Group, and in 2001, Glyn joined Gartmore Investment Management as CEO, a role he held until 2004.
Paul Feeney, CEO of Old Mutual Wealth, said: "I am very pleased that Glyn has agreed to join the Old Mutual Wealth board as chairman.
"His depth and breadth of understanding of the financial services industry, which has been gained from leading top industry companies over the last 20 years, will be of great benefit to our business. He also brings extensive experience of chairing both public and private boards.
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"I look forward to working with Glyn as we build on the momentum that exists to transform Old Mutual Wealth into a truly outstanding business. I believe we have an exciting future ahead of us."
Jones added: "I am delighted to be invited to be the new chairman of Old Mutual Wealth. This is a unique and leading wealth management business which is well placed to succeed in the fast developing and exciting industry in which it operates.
" I look forward to helping Old Mutual Wealth in its development and playing my part, alongside my fellow board directors, in supporting and guiding Paul and his executive management team, as well as working closely with Old Mutual plc to help them achieve their strategic objective of managed separation."
