| Tue 15 Jan 2002, 0:00 | | Old Mutual Plc - New Board Introduced At Gerrard |
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OLD MUTUAL PLC
ISIN CODE: GB0007389926
SHARE CODE: OML
ISSUER CODE: OLOML
New Board introduced at Gerrard
Gerrard Limited (Gerrard), a wholly owned subsidiary of Old Mutual Financial
Services (UK) plc, which in turn is a subsidiary of Old Mutual plc (Old
Mutual), has today announced four new appointments to its Board.
The full text of the Gerrard announcement is as follows:
One of the UK's leading private client investment managers, Gerrard, has
today announced four new appointments to its Board, and a re-distribution of
executive responsibilities to increase the company's focus on client needs
and the sales and marketing functions of the business.
Tim May will be joining Gerrard as Chief Operating Officer from the Investec
Group, where he was Head of IT and Settlements in the UK. Previous to that,
Tim was Operations Director at Carr Sheppards Crosthwaite Limited. He will
bring a depth of understanding of the operational requirements of a private
client investment management business, so that the settlements,
administration and support functions complement the client-facing
departments effectively.
Jim Julyan has been appointed Sales and Marketing Director. Jim has a long
and successful track record in financial services, and joins from an
assignment in South Africa where he has been working with Old Mutual to
launch a new high income financial planning service. Previously, Jim
established and managed a new high net worth division for Prudential
Assurance Company in London.
Jim has over 25 years' experience in financial services, including senior
positions at Nationwide Building Society, American Express and Prudential
Assurance. He has particular expertise in and understanding of the range of
sales and distribution channels available to Gerrard, and in his new role he
will direct the company's external, client-driven focus. Jim will be
responsible for marketing, sales and financial services.
Mike Bolsover joins Gerrard as Human Resources and Business Strategy
Director. Mike was previously at HSBC, where he held a variety of posts
within Europe, including Head of Strategic Development and Planning, and
Head of HR Operations and Development. This appointment reflects the
central position Gerrard gives to the recruitment, retention and development
of its employees.
Jonathan Sieff joins Gerrard from its sister company, Gerrard Private Bank,
where he was Joint Chief Executive, to take up a new post as Products and
Services Director. Jonathan was instrumental in the purchase of Fleming
Offshore Banking, which was relaunched as Gerrard Private Bank last year.
He will be responsible for research, investment strategy and new product
development, and his appointment will strengthen Gerrard's emphasis on
developing high quality, innovative wealth management solutions for its
clients.
Edmond Warner, Chief Executive of Old Mutual Financial Services (UK) plc,
has been appointed Chairman of Gerrard. James Thornton, Finance Director of
Old Mutual Financial Services (UK) plc, is Deputy Chairman. In addition to
the four new appointments announced today, the other Board members are:
Executive Directors
Stephen Clark, Chief Executive
Paul Stockton, Finance Director
Stan Vinter, Chief Administration Officer
Plus
Michael Archibald, Private Clients Operations Director
Chris Moorsom, Vice Chairman and Managing Director
Announcing these Board changes to Gerrard's staff earlier today, Stephen
Clark, Chief Executive, commented:
"Today marks the start of the next stage in Gerrard's evolution as the
leading private client investment manager in the UK. Having successfully
completed the merger of Capel Cure Sharp and Greig Middleton last year, it
is now time for Gerrard to look to the future. With these changes, we will
be focusing on using Gerrard's extensive regional network to bring City
expertise to the doors of our clients locally.
"That we have been able to attract such experienced and high calibre
executives reflects the potential Gerrard has to become the undisputed
market leader in our sector. Jim, Mike, Tim and Jonathan share my
excitement about the opportunities available for us to benefit our clients,
supporting intermediaries and shareholder.
"The Board of Gerrard now has the right combination of experience and fresh
perspectives to shift our emphasis from the internal issues of the merger to
the external challenges of successfully serving our clients and growing our
business."
Edmond Warner, Chief Executive of Old Mutual Financial Services (UK) plc and
Chairman of Gerrard, added:
"Gerrard operates in an increasingly competitive marketplace, and to realise
its potential as a major force in investment management for private clients,
experienced management and clear direction are essential. These new
appointments and the re-alignment of Gerrard's Board will help us to achieve
significant growth in revenues and efficiency, while the continuity of
leadership provided by Stephen Clark will keep Gerrard focused on its unique
strengths. I look forward to working with the new team."
15 January 2002
ENQUIRIES:
Old Mutual Plc
London Tel: +44 (0) 20 7569
0100
James Poole
Cape Town Tel: +27 (0) 21 509
2732
Bruce Allen
College Hill
London Tel: +44 (0) 20 7457
2020
Gareth David
Johannesburg Tel: +27 (0) 11 447
3030
Robyn Hunt
High resolution photographs of Gerrard's new Executive Board can be
downloaded free of charge from www.newscast.co.uk. More detailed
biographies and individual photos of the executives are available on request
from Gerrard's Corporate Communications team. Please telephone 020 7002
4503.
Notes to Editors:
Gerrard
The new appointments are subject to regulatory approval.
The proposed Gerrard board comprises:
Edmond Warner, Chairman
James Thornton, Deputy Chairman
Stephen Clark, Chief Executive
Mike Bolsover, Human Resources and Business Strategy Director
Jim Julyan, Sales and Marketing Director
Tim May, Chief Operating Officer
Jonathan Sieff, Products and Services Director
Paul Stockton, Finance Director
Stan Vinter, Chief Administration Officer
Michael Archibald, Private Clients Operations Director
Chris Moorsom, Vice Chairman and Managing Director
Gerrard is one of the largest private client investment managers in the UK,
with over GBP18 billion funds under management (as at 30th November 2001).
It employs 1,700 staff in 30 offices throughout the UK. Its core business
is discretionary portfolio management. Gerrard also provides advisory
portfolio management services, full financial planning and offshore
investment services, as well as pensions and charities fund management.
Further information can be found at: www.gerrard.com
Gerrard Limited is a wholly owned subsidiary of Old Mutual Financial
Services (UK) plc, which in turn is a subsidiary of Old Mutual plc, a member
of the FTSE 100. Gerrard Limited is regulated by The Financial Services
Authority and is a member of the London Stock Exchange.
Gerrard Private Bank
Gerrard Private Bank (GPB) was created by the acquisition of Fleming
Offshore Banking by Nedcor Bank, 51% - owned by Old Mutual, in May 2001, and
the subsequent proposal to merge Old Mutual's Guernsey Trust company
subsidiary, the Fairbairn Trust Company into GPB. GPB offers offshore
private banking, investment and fiduciary services globally for high net
worth clients.
Old Mutual plc
Old Mutual plc is a leading UK-based financial services group with
substantial life assurance, general insurance and banking operations in
Southern Africa and worldwide interests in life assurance and asset
management. Total funds under management at 30th June 2001 totalled over
GBP165 billion.
