The company’s offshore investment business, Skandia International, will be rebranded as Old Mutual International early next year.
Skandia was acquired by Old Mutual in 2006 and the launch of the Old Mutual Wealth brand in the UK completes its acquisition into the FTSE 100 group.
Today’s launch will be accompanied by an advertising campaign throughout 18 UK cities.
Chief executive of Old Mutual Wealth, Paul Feeney, said: “This is an opportunity to build a business that integrates the three elements people need to help them save for their future; financial advice, investment and retirement solutions, and tax efficient products.”
Last week, Skandia became the latest life company to stop charging advice to the annual 5% tax-free withdrawal on its offshore bonds.
The development follows HM Revenue & Customs’ recent confirmation that all advice relating to investments linked to offshore bonds can be considered as advice to the life company rather than the adviser, provided certain conditions are met.
