Old Mutual Limited (OML) is pleased to announce the appointment of Khaya Gobodo as the Managing Director (MD) of its Wealth and Investments segment effective 1 January 2019, signalling significant progress towards one of its key strategic objectives of winning the war for talent.
The Wealth and Investment segment comprises Old Mutual’s wealth management which services high income and high net worth clients, its asset management business, Old Mutual Investment Group (OMIG), its unlisted investment business, Old Mutual Alternative Investments (OMAI) and its specialised finance business, Old Mutual Specialised Finance (OMSFIN). With assets under management (AUM) of R664 billion (as at 30 June 2018), it is one of the largest private wealth and investment management businesses in Africa.
The appointment of Gobodo, who is currently the Deputy MD of Old Mutual Wealth and Investments and Managing Director of OMIG, follows the retirement of current MD Dave Macready early next year. Gobodo joined Wealth and Investments in January 2018 as MD of Old Mutual Investment Group, bringing with him a broad depth of investment experience and a solid track record in portfolio management and leading asset management teams.
He is the recipient of the prestigious 2018 Manager of the Year Award at the recent Annual Achievement Awards of the Black Management Forum for his contribution to the achievement of transformation and managerial leadership development in South Africa. Old Mutual CEO Peter Moyo commented: “Khaya‘s credentials have enabled him to play a critical role in crafting and executing a strong asset management strategy. I am confident the Wealth and Investment business will be in very capable hands and that he will transition in his new role smoothly.”
Macready joined Old Mutual South Africa from Nedbank as CEO in 2015. “Since the first day, Dave has made a valuable contribution to our business,” said Moyo. “In 2017, as part of Old Mutual’s managed separation, he took on the role to restructure and head up the Wealth and Investments cluster, applying his extensive experience to put a dynamic executive committee in place and provide critical strategic direction.
“Under his leadership the segment has been strongly repositioned to improve competitiveness, with notable growth in net client cash flow and market share.” In 2018 Old Mutual Investment Group won the Overall Best Managed SA Company Award as well as the Best Managed SA Financial Services Company Award at the Top 500 Awards.
“I would like to thank Dave for his unflagging commitment and contribution to our business. I also wish Khaya well in his new role as MD of Wealth and Investments at this exciting time of opportunity at Old Mutual,” Moyo added.