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Peter Mann to retire from Old Mutual

Old Mutual Wealth vice chairman Peter Mann has announced his retirement from the firm.

He will stay with the business until the middle of this year while his responsibilities are transitioned, the firm says.  

Mann says: “In October of last year I agreed to take on the role of vice-chairman to support Paul Feeney and the rest of the management team in our exciting journey to move from the best investment platform in the UK to the best investment business.

”Following the launch of our WealthSelect product range, the acquisition of Intrinsic and the arrival of key new talent I am confident that journey is well underway. There is a strong team in place to take the business forward.  The time has come for me to say goodbye to colleagues in this business and to explore new challenges elsewhere.”

Old Mutual Wealth chief executive Paul Feeney says: “We are very sorry to see Peter go and we will always be grateful for his significant contribution.   We have been proud to have him as a part of our team for so long.  Peter is held in high regard not only by this business, but within the industry as a whole, and I know we shall continue to enjoy his interest and his regard as he moves on to tackle new challenges.”

Previously managing director at Skandia, Mann took up the vice chairman role at Old Mutual in October last year.

He told Money Marketing later that month that the business was looking to expand into distribution. 

The business completed its acquisition of the Intrinsic network at the end of February, after Money Marketing first revealed in December that an acquisition was being negotiated. 

Skandia recently launched its Wealth Select investment proposition available through the platform.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Peter was an undoubted asset. Is he going or was he pushed? The Skandia ethos seems to be excorcised and from what I see – not for the better. Old Mutual doesn’t have the best record when it comes to takeovers.

    Anyway with the latest offerings from Alliance Trust Savings I guess there is going to be some very serious discussions at many platforms and wraps. The ATS proposition is the epitome of the ‘Cat amongst the pigeons’ – if it is sustainable.

  2. Harry – ATS made a profit last year. The question ought to be with others charging far more how are some able to make a loss ? Agree 100% that there ought to be some serious discussions

  3. Perhaps there should be a standard question in one of the multi-choice exams before level 4 can be achieved:

    You are advising a client with £100,000 to invest and feel the additional cost of using a platform is worth your client paying as it will save you time, though your client may not appreciate the added value.

    Do you:

    1. Use a platform, which was previously adviser only but following a change of ownership is now adding functionality to allow adviser clients to execute direct

    2. Use a platform, which has a strong direct to consumer proposition but following a change in pricing (and not for the first time) is now pitching at advisers

    3. None of the above

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