June 30, 2017 / 6:47 AM / 2 months ago

Head of Old Mutual's U.S. fund arm steps down

LONDON, June 30 (Reuters) - The chief executive of Old Mutual's U.S. fund arm is standing down, the Anglo-South African financial services firm said on Friday as it prepares to break itself into four parts.

Peter Bain will step down as president, chief executive and director of Old Mutual Asset Management with effect from June 30, Old Mutual said.

“Our business is now at a positive inflection point with great momentum, and the Board and Peter believe it is the right time to position the company for its next stage of sustained growth,” Old Mutual Asset Management Chairman James Ritchie said in a statement.

Ritchie will act as executive chairman and interim CEO until a successor is found, the statement said.

Old Mutual has been reducing its holding in the U.S. fund unit down to a minority stake as part of plans to split into four parts by the end of next year.

Old Mutual also reported its solvency II capital ratio stood at 122.3 percent at December 31 2016 under updated reporting requirements, down from 138 percent as of January 1.

Reporting by Carolyn Cohn

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