Old Mutual Wealth's Feeney: Standalone platforms 'no longer viable'

Old Mutual Wealth chief executive Paul Feeney has told analysts that platforms must seek to integrate with other businesses if they are to survive in the coming years.

Feeney (pictured), speaking to analysts this afternoon to outline Old Mutual Wealth's growth plans, said investment firms must combine different business units if they are to thrive in future. The CEO said the company has moved from trying to build the best investment platform to attempting to create "the best investment business". "The standalone platform model is no longer viable, because a lot of those platforms have become commoditised. There are too many of them, and they don't add enough value on a standalone basis," he said. Old Mutual Wealth has sought to expand its presenc...