As recently announced, Paul - who starts his new role in January - will also be chief executive of all of Old Mutual's Asset Management businesses within LTS. The co-ordination of the asset management businesses across LTS is a key component of Old Mutual's strategy of delivering the best products, solutions and services to its customers.

Mr Feeney is expected to join in early January, subject to completion of regulatory approvals. Since 2008 he has been head of distribution and executive director of BNY Mellon Asset Management responsible for all global distribution outside the United States. Prior to that he held senior roles at Gartmore,Royal Bank of Scotland, Coutts and Nat West. He holds a BA and PhD from the University of Wales. He will report directly to Mr Hanratty. Di Radley who heads OMIGSA and Jessica Malmfors who heads Nordic asset management will also report to Paul upon his arrival.

Paul's new appointment to SIG follows Phil Wagstaff's decision to take the role of global head of distribution at Henderson Global Investors following his appointment to the role of SIG chief executive just two weeks ago.

Paul Hanratty, chief executive of Old Mutual's Long Term Savings business, said, "SIG is in good shape. Over the past three years it has delivered a fund range with industry leading performance – enough to put it among the leading asset managers in Europe. It is also more than holding its own in terms of sales against a very challenging economic backdrop.

"We have very ambitious plans for the business and its future development within LTS asset management; so while we're sorry to see Phil go, with Paul at the helm and a motivated and focused executive team at SIG, I'm very optimistic for the future," said Mr Hanratty.