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Bye bye Old Mutual: nine big names in advice that disappeared

After Old Mutual announced plans to rebrand, here are some other name changes.

Quilt a shock

This morning Old Mutual Wealth announced it would change its name to Quilter as part of a major restructure of the business ahead of a float next year. 

Paul Feeney (pictured), chief executive of Old Mutual Wealth Quilter, said 'we very much look forward to listing in 2018' under the new name.

The announcement was something of a surprise, given that Old Mutual is a relatively well-known brand. In fact Old Mutual Wealth recently forked out to promote itself alongside the Autumn International rugby matches. 

But of course, Old Mutual Wealth is not the first firm to change its name. There have even been a few big changes this year. Read on to see some of the other name changes. 

Quilt a shock

This morning Old Mutual Wealth announced it would change its name to Quilter as part of a major restructure of the business ahead of a float next year. 

Paul Feeney (pictured), chief executive of Old Mutual Wealth Quilter, said 'we very much look forward to listing in 2018' under the new name.

The announcement was something of a surprise, given that Old Mutual is a relatively well-known brand. In fact Old Mutual Wealth recently forked out to promote itself alongside the Autumn International rugby matches. 

But of course, Old Mutual Wealth is not the first firm to change its name. There have even been a few big changes this year. Read on to see some of the other name changes. 

Going, going, Aegon

Cofunds was the first, and became the largest, investment platform in the UK. 

So there was some mourning online when Cofunds' new owner Aegon decided to drop the brand earlier this year. 

From next year onwards the name will be 'phased out' and replaced with Aegon. 

Ta Ta Towry

Another big name in the advice world also disappeared this year following an acquisition when Tilney decided to scrap the Towry brand. 

Towry has existed as an advice business in some form or the other for decades, and was once one of the most well known (if not always well liked) firms among advisers. 

All that has ended after Tilney's £600 million takeover last year. 

Tilney chief executive Peter Hall (pictured) said: ‘We are truly one business built on the combined strengths of the legacy firms and with a clear and compelling service proposition which is reflected in a new, fresh visual images and logo.'

Regulatory rebrand

It's not just businesses that can rebrand: regulators can too!

After receiving criticism during the financial crisis, and following the election of the coalition government, the Financial Services Authority (FSA) became the the Financial Conduct Authority (FCA).

The hope was that changing the middle letter would help change perceptions that led Private Eye to dub the regulator the 'Fundamentally Supine Authority'. Unfortunately the satirical magazine now refers to the FCA as the 'Financial Cock-up Authority'. 

Just the trick

Following the merger of annuity provider Partnership and Just Retirement a new name was needed. 

So after much thinking, in January this year the new company, briefly known as JRP Group, became just 'Just'.

'We have been through a huge amount of transition, bringing together two organisations. We have tried to take the best from both of those in creating Just,' said deputy group chief executive David Richardson (pictured).

Bye-bye Benson

At the end of last year the merger of Kleinwort Benson and SG Hambros led to a new name for the private banking arm of Société Générale: Kleinwort Hambros.

This meant dropping the Benson name that has been around since 1961. 

Eric Barnett, who has been chief executive officer of both of the banks since Société Générale swooped on Kleinwort Benson, said:  ‘This is another significant milestone in the history of two well-established names in private banking, which can trace their roots right back to around the beginning of the 1800'.

Global ambitions

AIM-listed advice firm European Wealth decided to change its name to Kingswood in October this year. 

This was after it bought American advice firm Newbridge, thus making the European part of its name irrelevant. 

Marianne Ismail (pictured) was also made chief executive. 

 

Pimfa promise

Members of the Association of Professional Financial Advisers (Apfa) and the Wealth Management Association voted in favour of the merging of the two bodies, prompting a change in name. 

The two trade associations formed the Personal Investment Management & Financial Advice Association (Pimfa) from today.

Chris Hannant (pictured), director general of Apfa at the time, also left following the merger. 

Skandia switch

Old Mutual Wealth has been here before. 

It changed the name of the Skandia platform to the Old Mutual Wealth platform in September 2014. When the news was first announced in 2012 advisers were angry in the New Model Adviser® comments section about the loss of a trusted name. 

‘The key reason we’re rebranding is because we’re building one business with one vision,’ Paul Feeney (pictured) said. 

 

Keeping it the same

Not all companies change their name following a big deal or reboot though. 

Standard Life's merger with Aberdeen ended with a company called Standard Aberdeen. 

In many ways this was a shame, given that social media suggestions such as 'Staberdeen' were overlooked.

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