The exit of Rick Ashley as the chief executive of Old Mutual Asset Managers (Omam) has heralded a dramatic shake-up at the firm as it seeks to speed up growth.

The financial services provider has merged its unit trust division, Old Mutual Unit Trust Business (Omis) with its asset management unit, Omam to form Old Mutual Investment Group (Omig).

The new outfit will be headed by Laura Chakava, who currently heads the unit trust business. The firm's acting CEO, Grant Pole, noted in a statement that creating of the single investment company, Omig, would support the firm as it continues to pursue its growth plan in the region.

The appointment of Ms Chakava comes at a time when Old Mutual has been working on a makeover of its management ranks, which analysts tie to the firm's quest for higher growth figures and the muscle to shake off growing competition.

In recent weeks, the firm has been racing to strengthen its executive office with a focus on sales, distribution and information systems. Now, human capital is emerging as the most sought after resource in the fund and asset management business and an arsenal for market growth.

Though Old Mutual is still the largest asset management firm in the region, with more than Sh77 billion under its management, the firm has been facing intense onslaught on its market share in recent years.

Other players including British American Asset Managers (BAAM), African Alliance and Stanbic have intensified their activity in the market place with their focus trained on Old Mutual's market share. On growth, analyst point out that Omam and the life insurance business, both which forms key pillars of Old Mutual, could be facing challenges.

Though it's still not clear, why the former managing director Stewart Henderson and Rick Ashley stepped down, talk in the market has it that the duo were pushed to quit in the face of intense pressure for results from the regional office in South Africa.

Before the merge, Old Mutual had three divisions including Omam, Omis and the life business. People familiar with the workings of the firm say its unit trust business has been performing well compared to the other two divisions.

This partly explains why Ms Chakava was picked to head the merged investment company, OMIG, a move that is supported by Mr Pole while commenting on her appointment. He commended Ms Chakava for the "excellent work" she had done in growing OMIS business to being the largest in Kenya.

The shift in focus comes at a time when the financial services provider has kicked off a fresh search for chief executive officer for their local outfit, in a last ditch effort

The five month search for the boss of the local subsidiary has invited controversy and speculation following the botched attempt to poach BAAM managing director, Dominic Kiarie.

Old Mutual had in mid March announced the appointment of Mr Kiarie who was to replace former managing director Stewart Henderson.