Old Mutual Wealth hires Standard Bank Wealth chief exec

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Old Mutual Wealth has appointed Steven Braudo as chief operating officer to take over from Paul Penney who assumed the role in January.

Penney joined Old Mutual Wealth in 2012 as chief information officer and will leave the company later this year.

Braudo, who has 23 years’ experience in the South African financial services industry, is expected to start as COO on 1 June. Since 2015 he has served as Standard Bank Wealth chief executive and was previously Liberty Holdings deputy chief executive.

Old Mutual Wealth chief executive Paul Feeney says Braudo’s management experience will be “invaluable” to the Old Mutual leadership team.

He says: “Our goal is to continue to build on the strategy that has helped us transform our business over the last four years.

“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.”