After all the legal work has been completed, Old Mutual Wealth will be an asset management firm with a UK platform and offshore expertise.
Paul Feeney has been leading the restructure since his arrival from BoNY Mellon at the end of last year. He arrived as chief executive of the asset management for Old Mutual Long Term Savings before, in June this year, being named chief executive of the newly created Old Mutual Wealth Management which was a merger of Skandia UK, Skandia International, its European businesses, Skandia Investment Group and Old Mutual Asset Managers (UK).
Moving forwards he will be chief executive of Old Mutual Wealth, running a senior management team that included Peter Mann as managing director in the UK with Steven Levin managing director for international markets.
The only part of Skandia still trading under a Skandia banner will be its Nordic business that was sold to Skandia Liv earlier this year.
Over the coming 24 months, Skandia UK, Skandia International and the other Skandia European businesses will rebrand to Old Mutual Wealth. Old Mutual International will market the company’s offshore products.
The recently merged asset management business, comprising Skandia Investment Group and Old Mutual Asset Managers (UK) will be an integral part of Old Mutual Wealth but will retain a distinct asset management identity as Old Mutual Global Investors. This business will continue to be led by Julian Ide, reporting into Feeney.
Ide will announce further details of the strategy for Old Mutual Global Investors within the next few weeks.
Feeney commented: “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.”
