Old Mutual Wealth hires new COO as group break-up approaches

Old Mutual Wealth has appointed Steven Braudo as chief operating officer, effective 1 June 2016.

Old Mutual Wealth hires new COO as group break-up approaches

The company said that “as a result of the broadening scope of the COO’s responsibilities” current COO Paul Penney has decided to leave the business later this year. 

The company said the experience Braudo brings with him “will be pivotal as the business prepares for the next phase of its corporate journey.”  He joins from Standard Bank Wealth where he has been CEO since last year. 

Old Mutual announced a plan to split its sprawling global business into four parts in March. A spokesperson said there are no further details on this available at this stage.

Braudo will report to CEO Paul Feeney. The company said he will be “a key member of the executive leadership team, supporting the running of the broader business and contributing to the future strategic direction of the business.”

The spokesperson said reporting lines for the heads of the various businesses within Old Mutual Wealth will remain the same, with head of Old Mutual Global Investors Richard Buxton continuing to report to head of the investment division Martin Baines, for example.   

Braudo has spent over 23 years working in the South African financial services industry in various management roles, including some with UK and global wealth management responsibilities. 

Prior to working at 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. 

Feeney said: “I am delighted that Steven has agreed to join us. His wealth of general management experience will be invaluable to our leadership team.  Our goal is to continue to build on the strategy that has helped us transform our business over the last four years.” 

“To enable this momentum to continue, 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 and that its value is realised for the benefit of our customers,” Feeney added. 

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Alex Sebastian

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Alex joined Portfolio Adviser in April 2014 and has been a financial journalist since 2008. He has previously held editorial positions at the Financial Times Group and Euromoney Institutional Investor. Alex is NCTJ qualified and has a degree in economics from the University of Sussex.



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