31 October 2018
Quilter plc (‘Quilter’) announces that Mark Satchel, currently Quilter’s Corporate Finance Director, will be appointed Chief Financial Officer in March 2019. Tim Tookey, currently Chief Financial Officer will be stepping down from the Board in March 2019.
Having made a significant contribution to the creation of Quilter plc as a standalone company and its subsequent listing in June 2018, Tim Tookey approached the Board to discuss his wish to return to a non-executive career, in order to enable a better work-life balance. Tim and the Board have agreed that Tim will leave the business at the end of April 2019, having fully transitioned the role to his successor; he will step down from the Board on 13 March 2019.
The Board is pleased to appoint Mark Satchel, currently Corporate Finance Director to the role of Chief Financial Officer, effective on 13 March 2019, at which point he will join the Board, subject to regulatory approval. Mark has a long history at Quilter having been a pivotal member of the Old Mutual Wealth Executive Committee for many years. Mark has also worked closely with Tim over the last two years on the preparation for the listing and driving the optimisation initiatives which remain on track for a March shareholder update.
Glyn Jones, Chairman of Quilter plc said: “I would like to thank Tim for his very significant contribution to the creation of Quilter. We are sorry to see him go but he leaves with our best wishes for the future and his return to a plural career. The Board is delighted to appoint Mark Satchel to succeed Tim. Mark is very well known to the Board and highly regarded. He has worked closely in partnership with Tim so we are confident of a smooth transition and continuity on key initiatives.”
Paul Feeney, Chief Executive said: “Tim has made a great impact during his time with Quilter and played an instrumental role in preparing and delivering our listing. Whilst I am sorry that we will be losing Tim, I am delighted that we have such an able successor in Mark. I have worked alongside him for many years and I am confident that he will be a very effective and talented CFO.”
Tim Tookey, Chief Financial Officer said: “Quilter is a great business, built on strong foundations and with excellent prospects; and I will remain a strong supporter and shareholder in the business. I am delighted to be able to hand over to Mark, with whom I have built an excellent working relationship and who has all the skills and experience to undertake the role going forward.”
John-Paul Crutchley +44 20 7002 7016
Jane Goodland +44 77 9001 2066
Tim Skelton-Smith +44 78 2414 5076
Geoffrey Pelham-Lane +44 20 3757 4985
Notes to Editors:
Biography: Mark Satchel – Chief Financial Officer (designate)
Mark joined Old Mutual in the UK in January 2000 and has held numerous leadership positions within the Finance function at both Old Mutual plc and the operating business units. He was appointed as Chief Financial Officer to Skandia, which became Old Mutual Wealth, and served on its board from 2010 to April 2018. Mark was responsible for the disposal of nine businesses in Continental Europe and played a lead role in the acquisition of Intrinsic and Quilter Cheviot. He was instrumental in implementing Old Mutual Wealth’s successful business model and helped scope the footprint of the business in preparation for an independent listing. More specifically, Mark led the sale of the Single Strategy business (Old Mutual Global Investors), the debt raising for Quilter plc and the managed separation of Quilter from Old Mutual plc.
Earlier in his career, Mark was CFO for Skandia's Europe & Latin America Division and also spent a year in Sweden integrating Skandia into Old Mutual. He qualified as a Chartered Accountant in South Africa, and worked for KPMG in both South Africa and Canada prior to moving to the UK.
Notes to editors:
About Quilter plc:
Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.
Quilter plc oversees £118.1 billion in customer investments (as at 30 September 2018).
It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.
The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.
Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.
Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.
The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:
- The Multi-asset business is now Quilter Investors
- Intrinsic to Quilter Financial Planning
- The private client advisers business is now Quilter Private Client Advisers
- The UK Platform to Quilter Wealth Solutions
- The International business to Quilter International
- The Heritage life assurance business to Quilter Life Assurance
- Quilter Cheviot will retain its name
This press release is for journalists only and should not be relied upon by financial advisers or customers.
Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.
This communication is issued by Quilter plc. Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270. Registered in England.