Paul Feeney, chief executive of Old Mutual Wealth, is continuing to ramp up investment in technology and investment advisers following a 45% rise in gross sales to a record £5.5 billion in the third quarter.

OMW is also expanding wealth adviser Quilter Cheviot, which it bought for £585 million from private equity firm Bridgepoint in 2014. In August, Feeney appointed Quilter Cheviot's Martin Baines as his chief investment director, as a result of which Julian Ide stepped down as chief executive of Feeney's in-house investment business Old Mutual Global Investors.