unit Old MutualWealth named Steven Braudo COO, effective June 1.

Braudojoins the unit from Standard BankGroup Ltd. unit Standard Bank Wealth, where he has served as CEOsince 2015. He will report to Old Mutual Wealth CEO Paul Feeney.

Braudotakes over from Paul Penney, who became COO in January, according to Old MutualWealth's website. Penney decided to leave the business later in 2016 as aresult of the broadening scope of the COO's responsibilities, Old Mutual said.

Theappointment is subject to regulatory approval.