Old Mutual is to drop the Skandia brand in a merger all of its Skandia businesses, including its platform into a single business called Old Mutual Wealth.
Old Mutual Wealth will be led by Paul Feeney as chief executive and Peter Mann, chief executive of Skandia UK to become managing director for the UK market, with Steven Levin as managing director for international markets.
Old Mutual said its vision was to combine its asset management with its UK platform and offshore business.
Skandia UK, Skandia International and Skandia European businesses outside the Nordic region will adopt the Old Mutual Wealth brand over the next two years.
The recent merger of Skandia Investment Group and Old Mutual Asset Managers will also be a part of Old Mutual Wealth but will be distinct under the name Old Mutual Global Investors, Julian Ide will continue to run the business.
Old Mutual Wealth said expanding the Old Mutual Global Investors business was central to its strategy and would look to combine investment products with its UK platform and also expand its product range.
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 by expanding our asset management capability and combining this with our unrivalled UK platform strength and offshore bond products to create investment solutions that our customers value.’