Old Mutual Emerging Markets (OMEM) has launched a new Wealth and Investment cluster to be headed by Dave Macready, the current CEO of Old Mutual South Africa (OMSA).

The decision to form this cluster for OMEM was driven by a key strategic priority to significantly improve the overall competitiveness, market share and profit contribution of both its asset management and wealth businesses.

The new Wealth and Investment cluster, which will be established with effect from July 1, 2017, will consist of the existing businesses of Old Mutual Investment Group (OMIG) and Old Mutual Wealth (SA), thereby incorporating all of OMEM’s investment, asset management and wealth businesses under a single umbrella.

OMIG spans a wide breadth of asset management solutions through its investment boutiques, some of which are the largest in South Africa. 

The Old Mutual Wealth (SA) business provides advice philosophy, investment platforms, unit trusts and multi-manager solutions as well as a broad range of private client services. 

Macready's current role as CEO of Old Mutual South Africa will now fall away, and the business segments of Mass Foundation Cluster, Personal Finance and Corporate will report directly into the OMEM CEO’s portfolio. 

Macready was instrumental in the formation and growth of Nedgroup Investments as well as the successful integration of the Nedbank Group’s various wealth businesses both locally and internationally. 

Macready said he was excited about the challenge ahead. 

“Old Mutual has a strong investment franchise as well as leading advice and wealth management operations. I look forward to working with the teams in building a focused and competitive business. The Wealth and Investment Cluster has all the building blocks, talent and expertise to be successful in these highly competitive markets,” he said.

Peter Moyo, OMEM CEO, added: “It gives me pleasure to congratulate Dave on his new appointment. His brilliant track record and experience in building successful wealth and asset management businesses make him best qualified for this role. I'd like to thank him for the leadership he has provided to Old Mutual South Africa and the key part he played in the strategic review of our organisation."