The team will initially consist of four people; two of whom are external hires.
Paul Cafferkey joins the team from Barclays Wealth, where he was a high net worth relationship manager. He is joined by Amy Harrison, who has spent the past 12 years at Zurich, where most recently she looked after large corporate global clients.
The team is led by Chris Wray, who has been with Old Mutual International for 17 years, and includes Paul Gelling, a technical planning expert who has been with the business for eight years.
High net worth on the rise
Globally, the number of high net worth individuals grew to 14.6 million in 2014; with the Asia-Pacific region surpassing North America as home to the largest high net worth individual population, an increase of 8.5% to nearly 4.7 million.
“The size and complexity of these cases warrants us taking these additional steps and adapting our service model to ensure these cases are effectively managed.”
Old Mutual International has seen the number of high net worth cases increase by 40% compared with 2014. The business is also seeing the emergence of a new ultra-high net worth channel, generating a number of new investments that have exceeded £10m ($15.4m, €14m).
More complex
High net worth cases can often be more complex than the standard business administered on the Isle of Man.
“The high net worth segment is a growing market for us and our new high net worth team is us formalising and ring fencing the support required to properly service this business,” said Peter Fleming, head of international operations at Old Mutual International.
“The size and complexity of these cases warrants us taking these additional steps and adapting our service model to ensure these cases are effectively managed.”
