Old Mutual Wealth has announced the appointment of well known financial service figurehead Glyn Jones, as the independent non-executive chairman of the Old Mutual Wealth board, subject to regulatory approval.
He will replace Bruce Hemphill, chief executive of Old Mutual plc, who is stepping down as Old Mutual Wealth’s chairman, the company said in a statement today. Hemphill will continue to be a director of the Old Mutual Wealth board and Jones will be working closely with Hemphill as Old Mutual plc seeks to execute the managed separation of the wealth business.
Jones is presently the chairman of Aspen Insurance Holdings, a New York Stock Exchange listed business, and the chairman of Aldermore Group, the challenger bank that went public in 2015 on the London Stock Exchange. Previous non-executive roles included being the senior independent director on the Direct Line Insurance Group, a board he joined ahead of its listing on the London Stock Exchange as a FTSE 100 company.
Other past chairmanships include: Hermes Fund Managers, BT Pension Scheme Management and financial planning and wealth advice business Towry.
Jones started his career with Deloitte, Haskins & Sells, a predecessor firm to PWC, where he was a senior partner in the consulting practice specialising in financial services. In 1991, he joined Standard Chartered Bank where he ran their international private banking business which was headquartered in Hong Kong.
On his return to the UK in 1997, he joined NatWest Bank and was appointed CEO of the Coutts Group, the domestic and international private banking business, as well as having responsibility for NatWest Investments and NatWest Stockbrokers. In 2001, he joined Gartmore Investment Management as CEO until 2004.
Announcing the appointment Paul Feeney, chief executive of Old Mutual Wealth, pointed to Jones’ extensive experience of chairing both public and private boards and said his “depth and breadth of understanding” of the financial services industry, gained from leading a number of well-known financial services industry companies over the last 20 years, will be of “great benefit” to the business.
Jones said he was looking forward to “helping Old Mutual Wealth” in its development and “playing my part”, alongside fellow board directors, in supporting and guiding Feeney and his executive management team, to “help them achieve their strategic objective of managed separation.”
Old Mutual Wealth is a subsidiary of Old Mutual plc, which is in the process of executing a managed separation strategy, that will, as reported, separate the group into its four constituent businesses: Old Mutual Wealth, Old Mutual Emerging Markets, Old Mutual Asset Management and Nedbank.