A new investment division of Old Mutual Wealth has also been created, headed by Martin Baines who has become its chief investment officer.
He has stepped up from the position of CEO of Quilter Cheviot, which was acquired by Old Mutual in a deal completed earlier this year.
Warren Tonkinson, previously Old Mutual Global Investors’ head of global distribution, has been promoted to managing director of the firm in a role which it says will enable Buxton to remain focused on his £2.2bn UK Alpha Fund.
David Loudon has also stepped up to become CEO of Quilter Cheviot, having previously been its head of investment management.
Old Mutual has stressed that both the Quilter Cheviot and Old Mutual Global Investors brands and propositions will remain distinct with their independence retained in regard to investment selection.
Buxton said: “I joined OMGI to help build an outstanding investment management business over the coming years, primarily through investment leadership and managing my UK Alpha funds.
“Today’s announcement is completely aligned with that goal and I look forward to contributing further to the realisation of OMGI’s ambitions. Investment remains my first passion and priority – I would not have accepted any additional responsibilities which would compromise my ability to invest on my clients’ behalf.”
Paul Feeney, CEO of Old Mutual Wealth, said: “At the heart of our wealth proposition is our ability to bring together the best investment minds in the market for the benefit of our clients.
“It therefore makes sense to bring Quilter Cheviot and OMGI together within one division under the leadership of Martin.”
