In a widely expected move Skandia have announced that they will be merging the businesses into Old Mutual Wealth.
The merger of the Skandia businesses into Old Mutual Wealth will create a simplified and improved customer proposition that helps people manage their wealth and will enable Old Mutual plc to invest in a single brand globally.
Old Mutual Wealth’s offshore products will be marketed under the Old Mutual International name to differentiate them from onshore products.
Central to Old Mutual Wealth’s strategy will be to expand the asset management capability of Old Mutual Global Investors in order to deliver investment solutions that are aligned to the changing needs of investors and financial advisers post Retail Distribution Review.
Paul Feeney, chief executive of Old Mutual Wealth, said: “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 with our unrivalled UK platform strength and offshore bond products to create investment solutions that our customers value.”
For more information on Old Mutual’s savings and investments products as well as those of other companies make sure you consult a qualified Independent Financial Advisor.