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Old Mutual poaches another former Liberty exec

Steven Braudo appointed COO of Old Mutual Wealth.

JOHANNESBURG – Steven Braudo, the former deputy CEO of Liberty Holdings, has been appointed to the executive committee of Old Mutual Wealth as chief operating officer (COO), effective June 1.

Braudo has been CEO of Standard Bank Wealth since 2015. In his new role, he will report to Paul Feeney, the CEO of Old Mutual Wealth.

His appointment follows that of Bruce Hemphill, who was appointed CEO of Old Mutual plc following an eight-year stint as CEO of Liberty, where he and Braudo worked together on the executive committee for five years.

In 2014, Hemphill was appointed chief executive of wealth, insurance and non-bank financial services at Standard Bank, a position that Braudo stepped into when Hemphill left the group to take the top job at Old Mutual.

In a statement, the London-based insurer said that Braudo would be a “key member of the executive leadership team” and contribute to the future strategic direction of the business, as it prepares for the next phase of its corporate journey.

Old Mutual Wealth will become a standalone business by 2018 as parent, Old Mutual plc separates into four separate units, namely, Old Mutual Wealth, Old Mutual Asset Management (OMAM), Old Mutual Emerging Markets (OMEM) and Nedbank.

Braudo has spent 23 years working in the South African financial services industry.

Prior to his appointment at Standard Bank, he worked at the group’s insurance subsidiary, Liberty Holdings, from 2008 and was appointed deputy CEO of Liberty in 2013.

Feeney said Braudo’s experience would be “pivotal” in helping Old Mutual Wealth bolster vertical integration, driving further collaboration between the unit’s individual businesses.

The appointment is subject to regulatory approval.

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