Peter Mann, who recently called time on his 12-year tenure at Old Mutual Wealth, is somewhat of a multi-faceted individual.
This assertion is not based solely on his ability to speak six different languages, but on the sheer volume of different ventures he has embarked on after retiring from the role of vice chairman at the investment firm.
Mr Mann holds chairman or consultancy positions at investment house Harwood Capital, financial services software provider Bravura Solutions, business management consultant TORI Global and Platform Consultancy.
More recently, the financial service industry veteran, who boasts a career spanning three decades in the sector, joined Momentum Global Investment Management as non-executive board director.
Mr Mann said he adopts a three-pronged approach when considering joining a company in chairman or consultancy role. The first centres on his faith in staff members to implement a clear and concise business plan.
Secondly, Mr Mann said he is attracted to companies that offer an “innovative” proposition; and lastly he considers whether he would be able to add value.
“I am here to offer advice based on my experiences having spent a lot of years in the UK financial service,” he said.
“Holding advisory roles for a vast amount of companies sounds taxing, but they are not full-time roles. One of the greatest joys of holding such roles is I get to see different businesses daily from different angles.”
When explaining the rationale behind joining Momentum, Mr Mann, highlighted the asset manager’s “customer-centric” approach as demonstrated by its annual UK Index of Financial Wellness, constructed to illustrate individual and household finances across the country.
One of his career highlights is holding the position of chief executive officer of a life assurer. According to Mr Mann this is typically the preserve of individuals with an accounting or actuarial background.
He held this role from 2009 at Skandia UK, which was at the time three years into its status quo as an Old Mutual business. Mr Mann then progressed to the role of vice chairman of Old Mutual Wealth, where he contributed to the firm’s decision to purchase 3,000 adviser network Intrinsic.
He said: “The deal was not made by an individual, but as a collective. Our mentality was to become the UK's leading vertically integrated wealth management business with good quality asset management at its core. One of the key components of that is distribution and Intrinsic fitted the bill for us.”
OMW is now a fully integrated proposition, combining its platform, Intrinsic, discretionary fund manager Quilter Cheviot, Old Mutual Global Investors and Old Mutual International.
However, firms adopting the vertical integration model have come in the crosshairs of the Financial Conduct Authority in a consultation paper launched in December 2016. In the document, the city watchdog proposed clarification in the circumstances under which vertically integrated firms can cross-subsidise their advice businesses.
