A further step towards the corporate separation in the Old Mutual group is announced.

Old Mutual Wealth, which is planning to split off from Old Mutual next year, also intends to put its multi-asset and single strategy investment businesses into separate entities.

The multi-asset business oversees £16 billion ($20.7 billion) of assets under management, having taken in £1.6 billion of net inflows in the first half of this year. The multi-asset capability comprises portfolio management of multi-asset funds and managed portfolio services as well as fund research.

Paul Simpson will lead the multi-asset business, holding the title of chief executive. Old Mutual Global Investors, meanwhile, will focus on its single strategy portfolio range and be led by Richard Buxton as CEO.

OMW is assessing, along with the management of Old Mutual Global Investors, internal and external structures for the single strategy business to continue its further development, the statement said.

“We continue to refine the long term strategy of our business and our preparations for listing in 2018 are well on track. Investment management remains at the core of the business and multi-asset management and discretionary fund management are cornerstone capabilities. They are critical components to ensure we continue to deliver good customer outcomes, as well as supporting the on-going retention of assets. The creation of a dedicated multi-asset business, led by Paul Simpson, is a further step to enhance Old Mutual Wealth’s future prospects,” Paul Feeney, OMGW chief executive, said.

There will be no change to any of the investment management teams or product ranges.