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Feeney clears up Old Mutual Wealth restricted confusion
by Michelle Abrego on Nov 07, 2012 at 08:50
Old Mutual Wealth chief executive Paul Feeney has sought to clear up confusion on the type of service the recently restructured firm will provide.
In September, Old Mutual announced it was set to drop the Skandia brand in a merger of all its Skandia businesses, including the platform into one single business branded Old Mutual Wealth. Following the announcement, Skandia UK confirmed it was to cut 200 jobs across the business.
In a statement accompanying the firm's interim update, Feeney (pictured) told the stockmarket: 'There have been some confusing reports recently about what the merger of the Skandia businesses into Old Mutual Wealth means, so let me be clear. Our aim is to be a provider of wealth management solutions to financial advisers and their customers.
'Their needs remain at the core of our business and we will support them whether they choose to offer whole of market or restricted market propositions, or both.'
Feeney added: 'Our adviser charging process and the new charging structure for our UK platform were announced in August and we are working with advisers to ensure they are clear on the changes and how they will affect their business and their customers.'
The trading update showed Skandia platform sales for the third quarter of 2012 fell as assets under management hit £21.7 billion.
Skandia saw UK platform gross sales of £900 million, down from £1.2 billion in the third quarter of 2011.
Overall platform assets grew to £21.7 billion, up 6% from the second quarter of 2012 and a 15% rise from 31 December 2011.
Across the wider group Old Mutual Wealth, which houses the Skandia platform and life products alongside its asset management business, saw gross sales increase to £2.8 billion, up from £2.6 billion in the equivalent period last year.
Total UK funds under management for the group increased 5% to £35.8 billion
'We have continued to grow the business during a tough quarter for retail fund sales and the immediate focus is now on helping advisers through the retail distribution review transition phase,' Feeney said.
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