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Old Mutual Chief Exec Steps Down

The head of financial services at London-based Old Mutual, PLC stepped down late last month, saying that the job he was hired to do has "substantially been completed," the company announced.

Eric Anstee, who was director and chief executive of financial services for the firm, joined the company three years ago. He relinquished his executive duties as well as his seat on the company's board on Aug. 31. Old Mutual said in a statement that Anstee and the firm had reached a "mutual agreement" for Anstee to resign, but did not say why.

Anstee will be succeeded by Jim Sutcliffe, who will assume the role of executive director.

Mike Levett, who heads Old Mutual, said Anstee had played a "vital role" in the company's demutualization and listing and had made a "considerable contribution" to the business' expansion.

Following that announcement, the company named Edmond Warner CEO of Old Mutual Financial Services, in charge of OMFS' U.K. businesses. The group's U.K. businesses employ a total staff of 2,500 and have over $28 billion in assets under management.

Previously, Warner was CEO of Old Mutual Securities, OFMS' institutional brokerage unit. He joined Old Mutual Securities in 1999 from BT Alex. Brown, where he served as head of Pan-European equities.

Warner began his career as a fund manager and eventually moved into research. Before going to BT Alex. Brown, he served as head of global research as Dresdner Kleinwort Benson.