Hemphill becomes CEO at Old Mutual

Bruce HemphillOld Mutual has appointed Bruce Hemphill as group chief executive, replacing Julian Roberts. He joins from Standard Bank Group where he is chief executive of wealth insurance and non-bank financial services.

Roberts, who has been chief executive since 2008, will remain in post until Hemphill starts, expected in the fourth quarter of this year.

Old Mutual said the appointment was part of an “orderly succession plan”.

Standard Bank is the largest African banking group by assets and earnings. From June 2006 to February 2014, Mr Hemphill, 51, was chief executive of Liberty Group, an African financial services group listed on the Johannesburg Stock Exchange.

Old Mutual expanded its operations in Edinburgh last year. It hired the three top-rated fund managers who left Ignis Asset Management as part of its integration with new owner Standard Life.

Russ Oxley, who managed one of Glasgow-based Ignis’s top funds, was appointed head of fixed income absolute returns. He was accompanied by Adam Purzitsky and Paul Shanta. They left Ignis as part of the restructuring by Standard Life Investments boss Keith Skeoch who is integrating Ignis into the business.

After revealing those appointments Old Mutual said it would be looking for offices in the city.

A week later it acquired discretionary firm Quilter Cheviot in a £585 million deal. Quilter Cheviot has had offices in Saltire Court since 2011.

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