The UK wealth management business has named a new operating chief.

Old Mutual Wealth has appointed its chief information officer, Paul Penney, as its new chief operating officer. He succeeds Jeremy Charles, who will retire in the coming months.

Charles, who joined the firm in 2012 as COO, previously spent six years as COO of Thames River Capital, latterly known as F&C. Penney has been CIO since 2012, having formerly served as CIO at Lloyds Bank's insurance division for seven years.

“When joining our organisation in 2012, Jeremy Charles was clear that his intention was to retire in 2016 and we have planned accordingly. Jeremy will be retiring in the first half of this year and will relinquish his role as COO with immediate effect, handing over as planned to Paul Penney,” said Old Mutual Wealth.

Meanwhile, Carlton Hood is also changing roles. He has been with the Old Mutual Group since 2000, most recently as customer director at Old Mutual Wealth. Old Mutual confirmed that his role no longer exists due to an internal restructuring and that he is currently “exploring opportunities” within the group.