Powers Will Oversee Old Mutual's U.S. Business

Old Mutual plc, the London-based insurer, has created a new executive position to oversee management of its stable of US asset management businesses. On Sept. 1, Scott Powers will join Old Mutual (US) Holdings Inc. in the role of CEO, reporting to Eric Anstee, chief executive of financial services at Old Mutual.

Powers most recently served as executive VP of sales, marketing and product development at Mellon Institutional Asset Management. Guy Hudson, currently head of global marketing for Mellon Global Investments, will succeed Powers, according to a company spokesperson.

Old Mutual's US asset management businesses include Old Mutual Asset Managers (US), Pilgrim Baxter & Associates and other affiliates the firm picked up when it acquired United Asset Management Corp. last September. Together, the complex managed approximately $164 billion at the end of June.

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