Old Mutual is set to re-enter the UK life and pension market selling a range of products exclusively through IFAs.
Old Mutual Life UK is waiting regulatory approval to become the UK investment subsidiary of Old Mutual. It is set to launch at the beginning of 2002.
It is still developing its range but is looking at offering life products and unit trusts as well as pensions and Isas.
M&G product development manager Bill Vasilieff will be joining Old Mutual Life UK as marketing director. David Hazelton will join as sales director from Zurich IFA group where he was deputy sales director. Further appointments are to be announced soon.
Old Mutual is hoping to draw on its skills in the IFA market to become a big player using IFA distribution.
The former Old Mutual Life Assurance Society closed to new business in 1998 and was acquired by Century Life in June 2000.
Marketing communications manager Jane Berntsen says: “Our core offering will be our investment process and investment values. The products we offer will be the most appropriate tax wrapper around that process.
“Bill's appointment shows the seriousness of our intentions. In the UK life market, IFAs are the right distribution channel.”