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Guardian hires ex-Old Mutual finance chief as Phoenix circles

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Old Mutual’s former finance director Philip Broadley is to become the new chief executive of Guardian Financial Services, according to reports.

Sky News reports Broadley will become Guardian’s chief executive as the closed book life insurer deals with a series of takeover approaches from rivals including Phoenix Group.

A statement confirming his appointment is expected to be made shortly.

Broadley stepped down as Old Mutual’s finance director in July, and was previously group finance director at Prudential. He will replace Jonathan Hill, who stepped down as Guardian’s chief executive earlier this year.

Earlier this week, Phoenix confirmed it was in non-exclusive talks with Guardian’s owner, Cinven, about a deal.

Admin Re is also among the companies which has been examining a takeover of Guardian, according to sources.

A takeover would value Guardian at over £1bn.

Guardian manages roughly £18bn in assets on behalf of 695,000 customers in the UK and Ireland, while Phoenix has 5 million policy holders and £52bn in assets.

Cinven and Guardian declined to comment.

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