The UK wealth manager has once again reshuffled its executive team.

Old Mutual Wealth has appointed Standard Bank Wealth's Steven Braudo as its new chief operating officer, replacing Paul Penney who held the role for just a few months.

Penney took over in January this year from Jeremy Charles, who was COO at the firm for four years. Penney had been the company's chief investment officer since 2012, having formerly served as CIO at Lloyds Bank's insurance division. He will leave the business later this year. The company said his departure comes as a result of the “broadening scope of the COO’s responsibilities”.

Braudo, who will take the helm in June, has been chief executive of Standard Bank Wealth since 2015. Previously, he was deputy CEO of Liberty Holdings. He has 23 years of experience in the South African financial services industry.

“His wealth of general management experience will be invaluable to our leadership team. Our goal is to continue to build on the strategy that has helped us transform our business over the last four years,” said Paul Feeney, CEO of Old Mutual Wealth.

“To enable this momentum to continue, our focus will be on ensuring that our vertical integration model is robust, that it drives further collaboration between the individual Old Mutual Wealth businesses and that its value is realised for the benefit of our customers. Steven’s experience will be pivotal in helping us achieve this goal.” 

Old Mutual Wealth, part of London-listed Old Mutual, oversaw £107.1 billion in customer investments as at the end of March 2016. The company generated net client cash flows of £1.8 billion ($2.6 billion) in the first quarter of 2016, up 80 per cent from the same period a year ago.

This publication has contacted Standard Bank Wealth as to whether a replacement for Braudo has been appointed and will update accordingly.