Old Mutual Wealth (OMW) has created an investment division under the leadership of Martin Baines, who steps up from his role as CEO of Quilter Cheviot, the group's discretionary investment subsidiary.
David Loudon is stepping up to become CEO of Quilter Cheviot, reporting directly to Baines.
As part of the further restructure of the group's investment leadership, fund manager Richard Buxton will replace Julian Ide at the helm of Old Mutual Global Investors (OMGI), the asset management division of OMW.
OMW said "the changes present the opportunity to more effectively leverage the combined investment knowledge of Quilter Cheviot and OMGI for the benefit of all our clients, particularly in the multi-asset areas."
But the company stressed that "the brands and propositions of both remain distinct and their independence in regard to investment selection will be maintained and is assured."
Buxton, who moved to OMGI in 2013 after managing the Schroders UK alpha plus fund for over 10 years, will retain the management of his portfolio of UK alpha funds.
"I joined OMGI to help build an outstanding investment management business over the coming years, primarily through investment leadership and managing UK alpha funds.
"Today's announcement is completely aligned with that goal and I look forward to contributing further to the realisation of OMGI's ambitions. Investment remains my first passion and priority – I would not have accepted any additional responsibilities which would compromise my ability to invest on my clients' behalf," he said.
Warren Tonkinson becomes managing director of OMGI, reporting to Buxton. He will enable "Richard to remain focused on his fund whilst providing overall investment leadership as CEO," the firm said.
OMGI has grown strongly since its creation in August 2012 and now has assets under management of £22.4bn ($35bn).
OMW is part of Old Mutual, a FTSE 100 group that provides life assurance, asset management, banking and general insurance and oversees £102.3bn in customer investments (as at 31 March 2015).