Financial brands Skandia and Old Mutual Wealth Management are merging in to a single global business, shedding around 200 jobs along the way.
The Skandia brand will be consigned to history as the a leaner, consolidated business will emerge as Old Mutual Wealth.
The new business will have a single management team.
One of the main reasons for the change is the sale of the Skandia Nordic business by Old Mutual to Skandia Liv. Both firms feel the realignment by Old Mutual will stop customer confusion over who they are dealing with as both operated a Skandia brand.
Skandia UK and expat brands Skandia International and the Skandia European businesses outside of the Nordic region will adopt the Old Mutual Wealth name over the next 24 months to try to minimise disruption for customers.
Old Mutual Wealth’s offshore products for expats will be marketed under the Old Mutual International name to differentiate them from onshore products.
The recently merged asset management business, comprising Skandia Investment Group and Old Mutual Asset Managers (UK), is part of Old Mutual Wealth, but will retain a distinct asset management identity as Old Mutual Global Investors
Old Mutual Wealth will expand asset management by Old Mutual Global Investors to deliver investment solutions that are aligned to the changing needs of investors and regulatory changes in the UK and overseas.
“It will look to combine these investment solutions with its UK platform to further develop a sustainably profitable and competitive UK platform business and it will look to expand its product range both in the UK and internationally,” said Paul Feeney, chief executive of Old Mutual Wealth.
“This is an important development for the business. We are no longer simply owned by Old Mutual, we are Old Mutual Wealth and an integral element of the group’s growth strategy. We are combining all the talents of the Skandia businesses to create a single, stronger company with one brand, one strategy and one vision.
“This vision is to become a leading provider of wealth management solutions both in the UK and across our international markets. We will do this by expanding our asset management capability and combining this with our unrivalled UK platform strength and offshore bond products to create investment solutions that our customers value.”