Change to Board of Directors of Chief Executive, e
Old Mutual PLC
4 July 2000
OLD MUTUAL PLC
Clive Boothman joins Old Mutual to run private client business
Old Mutual has appointed Clive Boothman, until recently Managing
Director of Schroders' global Private Client Group, to the new
position of Chief Executive of the combined Capel Cure Sharp ('CCS')
and Greig Middleton ('GM') businesses. Richard Bernays who has been
acting CEO of both CCS and GM becomes Chairman of the combined
businesses.
Following the acquisition of GM's parent company, Gerrard Group plc,
by Old Mutual in March, the UK-based Financial Services Group
announced plans to combine the private client stockbroking operations
of GM with its existing private client asset management and broking
business, CCS, acquired in 1998. Together, the two firms will be the
largest provider of specialised broking, investment management and
asset management products and services to individuals in the UK.
Clive Boothman has spent the majority of his career at Schroders. He
started as an investment analyst and fund manager, going on to become
Managing Director of Schroders' unit trust business, which he built
up over ten years to become the largest mutual fund company in the UK
by assets under management. Most recently, he has been responsible
for Schroders' global private client businesses and Chairman of the
London company, Schroder Personal Investment Management.
As Chief Executive of the combined CCS/GM, Clive Boothman's first
task when he commences of 4th September will be to complete the
integration plan for combining and relaunching the two businesses.
Old Mutual recently signed a lease on Millennium Bridge House in the
City of London, where the combined units will move in November.
Eric Anstee, the Executive Director of Old Mutual plc in charge of
its global asset management and financial services operations,
comments:
'Clive Boothman's appointment is a critical further step in the
creation of the UK's leading private client firm in the UK. He has a
record of building first class financial services businesses and
brands, where client servicing is critical, and we look forward to
working with him on the exciting future for our private client
businesses.'
Clive Boothman adds:
'I am very excited by this new challenge. The Old Mutual Group is
clearly intent on being a major player in financial services in the
UK and also in Europe, the USA and Africa. There is an obvious
client need for a high quality service in this area of the market and
the combined CCS/GM firm has an excellent opportunity to build on its
already strong position to meet this.'
The appointment is subject to the normal regulatory approvals.
ENQUIRIES:
Old Mutual plc Tel: 020 7569 0100
James Poole, Director of Corporate Communications
College Hill Tel: 020 7457 2020
Gareth David
Notes to Editors
* June 19th Old Mutual announced a recommended tender offer for
United Asset Managers Corp. of Boston, USA. UAM has $188 billion
under management in 42 affiliated fund management groups.
* June 16th Old Mutual announces that John Ainsworth and team from
Hill Samuel Asset Management had joined to create Gerrard Asset
Management, incorporating the CCS Unit Trust investment
management.
* March 31st completion of Gerrard Group brings total group Assets
under management in the UK to £27 billion.
* Jan 18th Old Mutual announces a £525 million agreed purchase of
specialist financial and fund management company Gerrard Group
plc.
* Old Mutual Asset Managers in London and Southern Africa has £40
billion in Assets under Management.
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