The head of financial services at London-based Old Mutual Group was expected to step down today, saying that the job he was hired to do has "substantially been completed," the company announced this week.

Eric Anstee, who was director and chief executive of financial services for the provider, joined the company three years ago. He was expected to relinquish his executive duties today as well as his seat on the company's board. Old Mutual said in a statement that Anstee and the firm had reached a "mutual agreement" for Anstee to resign, but did not say why.

Anstee will be succeeded by Jim Sutcliffe, who will assume the role of executive director.

Mike Levett, who heads Old Mutual, said Anstee had played a "vital role" in the company's demutualization and listing and had made a "considerable contribution" to the business' expansion.

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