A large multinational insurer is uniting the leadership of its Baltimore-based U.S. life and asset management arms.

The board of Old Mutual P.L.C., London, has named Scott Powers to become the chief executive officer of a combined Old Mutual (USA) unit.

Powers has been the chief executive of Old Mutual’s asset management unit, and Guy Barker has been the chief executive of the life unit.

Barker will be the deputy chief executive of Old Mutual (USA), and he will continue to be the chief executive of the life unit until he retires at the end of 2007, Old Mutual says.