The multi-asset business will be led by Paul Simpson who has been appointed as chief executive and a member of the Old Mutual Wealth Executive Committee, subject to regulatory approval.

The Old Mutual Wealth subsidiary is set to separate from parent Old Mutual plc in 2018. The move is part of a drive to ensure attractive long term returns for shareholders, says the company, and has previously been announced.

Old Mutual Wealth says it believes that there is an opportunity for both multi-asset and single strategy to develop as separate distinct businesses. Multi-asset is a core part of the Old Mutual Wealth strategy, says the company, providing investment solutions to UK and international retail clients.

The multi-asset arm comprises portfolio management of multi-asset funds and managed portfolio services as well as fund research.

Old Mutual Global Investors will focus on its single strategy portfolio range under the leadership of Richard Buxton as chief executive.

Old Mutual Wealth says it is assessing, together with OMGI management, internal and external structures for the single strategy business to continue to develop it further.

Paul Feeney, chief executive of Old Mutual Wealth, said: “We continue to refine the long term strategy of our business and our preparations for listing in 2018 are well on track.
“Investment management remains at the core of the business and multi-asset management and discretionary fund management are cornerstone capabilities. The creation of a dedicated multi-asset business, led by Paul Simpson, is a further step to enhance Old Mutual Wealth's future prospects.”

Old Mutual Wealth has £16bn of assets under management in the UK as at 30 June. In the first half of 2017, its multi-asset operation reported net inflows of £1.6bn.
The company says there will be no change to any of the investment management teams or product ranges.