combined omam sig group

Old Mutual has confirmed it will cut 30 jobs as a result of the merger of Old Mutual Asset Managers UK (OMAM) and Skandia Investment Group (SIG) but added no fund manager roles should be affected.

combined omam sig group
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In a consultation period that runs until 6 August, chief executive of OMAM UK, Julian Ides (who is to be CEO of the new entity also), is working with his executive committee to decide the final name and strategy of the newly combined investment company.

The plan for the merger was announced in April.

A spokesperson for Old Mutual, said: "The rules around what we can and cannot say in these situations are pretty strict. When you merge two businesses there is a natural area of overlap and we are going through that process.

"I’m not sure if there will be announcement, but at some point we will make some announcements about things like the name of the company and the strategy for the business."

In June it was announced Paul Feeney had been named as CEO of Old Mutual Wealth Management, encompassing Skandia UK, Skandia International, the company’s European businesses, SIG and OMAM. He is the direct report for Julian Ides.

Feeney joined Old Mutual in January from BNY Mellon where he was head of distribution and is to be joined by former BNY colleague Marcus Bolitho as head of marketing soon at OMAM/SIG soon.

The combined firm will have approximately £12bn AUM, with a total of 51 single-manager funds.

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