Old Mutual has appointed Scott Powers as its new chief executive officer (CEO) for its US asset management business.
Powers, currently executive vice president of sales, marketing and product development at Mellon Institutional Asset Management, will take over as CEO of Old Mutual (US) Holdings in September. Powers will be based in Boston, and will report directly to Eric Anstee, Old Mutual's chief executive, financial services.
Currently, Old Mutual (US) Holdings has $164bn in assets under management. Once Power takes up his new position, he will be responsible for firms including Old Mutual Asset Managers, Pilgrim Baxter & Associates, eSecLending, and the company's operations in Bermuda and Japan. Power will also have control over other fund management companies acquired by Old Mutual as part of last September's acquisition of United Asset Management.
Speaking about Powers' appointment, Anstee said: As Old Mutual's asset management operations in the US have grown, the company has decided to focus them all under an experienced US manager, who will be responsible for their overall strategic and operational development. We are delighted to have recruited someone of Scott's experience and ability in our sector for this new and challenging role.
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