Old Mutual Wealth appoints new chief financial officer

Johannesburg – Old Mutual Wealth announced on Friday that it has appointed Tim Tookey as its new chief financial officer.

Tookey has 20 years' experience in the financial services industry. He served as independent non-executive director of Old Mutual Wealth and as the chairperson of its audit committee. Non-executive director George Reid will serve as an interim chair while a replacement is sought for Tookey.

In a note to clients, Old Mutual explained that Tookey has been responsible for managing a large number of business transformation and strategic projects, capital markets activity and other corporate activities throughout his career.

Of his appointment, chief executive of Wealth Paul Feeney said: "Tim (Tookey)... brings a wealth of capital markets, regulatory and operating experience with large publicly listed financial services companies.”

In his new role, Tookey will be working alongside Mark Satchel, who has been appointed deputy CFO. Satchel is a member of the Old Mutual Wealth Executive Committee and a director of the Old Mutual Wealth Board. Together they will prepare the business for the demerger of Old Mutual plc’s separation process.

“I believe that, working together, Tim and Mark (Satchel) will support the business through the next  phase of our corporate journey as well as building on the positive momentum we have achieved,” said Feeney.

Previously Fin24 reported that the group plans to unbundle and demerge the shares on the South African register.

READ:  Old Mutual shareholders approve remuneration, separation incentive plan

Group chief executive Bruce Hemphill added that Tookey and Satchel’s respective appointments are a “positive step” in the group’s preparation for managed separation. Tookey has a “proven track record” in senior roles in finance and publicly listed companies, he said.  

The group’s Wealth business reported net client cash flows of £2.7 bn (R46.49 bn) for the first quarter of 2017. This is up 59% from the £1.7 bn (R29.27 bn) reported in the same period in 2016.

Gross sales were up 44% from £5 bn (R86.10 bn) to £7.2bn (R123.98bn). Funds under management also grew 6% from £115.3 bn (R1.9 trn) to £122.3 bn (R2.1trn).

Old Mutual [JSE:OML] shares were trading 0.21% down at R33.80 on the JSE just before noon on Friday.

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