Old Mutual Wealth has expanded its specialist sales team with the appointment of Roddy Munro and Tim Mason, two pension specialists to respond to the biggest reform in UK pensions for a generation. The new appointments increase Old Mutual WealthÔÇÖs specialist sales team to 19, with four dedicated to pensions.
ÔÇ£The new hires are specialising in pensions,ÔÇØ said an Old Mutual spokesperson. ÔÇ£Having advised on the right retirement solution, [they] may then assist with an appropriate investment solution, which might include structured products.ÔÇØ
Munro and Mason will cover the North region, with the aim to support advisers through the upcoming pension changes and beyond, through workshops, forums and one-to-one sessions focusing on practical advice ideas for use with clients.
Mason has more than 14 yearsÔÇÖ experience in financial services, including a previous role at Skandia, and joins from Just Retirement, where he spent three years as a key account director.
Munro joins Old Mutual after 24 years at Scottish Widows, where he supported the London and Scotland & Northern Ireland sales teams and his role included development of the retirement account proposition and Scottish WidowsÔÇÖ response to the UKÔÇÖs Retail Distribution Review both in individual and corporate pensions.
UK providers have recently beefed up their pension capabilities following UK Chancellor George OsborneÔÇÖs far-reaching annuity reforms announced in the GovernmentÔÇÖs 2014 Budget. The changes in the pension market were welcomed by both pension savers and structured products industry professionals, as the new retirement rules will open up new opportunities for structured products providers to move into the pension space.
SRP data shows that Old Mutual has launched over 140 structured products in the UK market since 2003 of which 18 are still live products.
In 2014, Old MutualÔÇÖs Skandia reached an agreement with Investec Structured Products to include an Investec autocallable as an internal fund aimed at retail investors seeking structured capital at risk products through an offshore bond wrapper in the UK.
In addition, Old Mutual Wealth, which comprises Skandia and Old Mutual Global Investors, also received regulatory approval in early 2014 for the acquisition of Intrinsic. The acquisition was a significant milestone in Old Mutual WealthÔÇÖs strategy of building an integrated customer proposition comprising financial advice, asset management and wealth management products.
Intrinsic Financial Services was from September 2011 BarclaysÔÇÖ preferred supplier of structured investments at a time when the UK bank was the second most prolific issuer of retail structured products in the UK.
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