Michael Marks, a founding partner of New Smith Capital Partners, is joining the board of Old Mutual, the South African life insurance company and investment bank, as a non-executive director.

Marks has long-standing ties with South Africa, having started his broking career in the City of London at Smith New Court, specialising in South African gold stocks. He later sold Smith New Court to Merrill Lynch, where he became chairman of Merrill Lynch Europe, staying for eight years until his retirement last year at 61.