The Old Mutual group’s Skandia businesses are being merged into a single unit, under the name of Old Mutual Wealth.
The consolidation of the business aims to combine its asset management capability with its UK platform, as well as its offshore expertise, to strengthen its position in the wealth management space.
Old Mutual Wealth, which was previously Old Mutual Wealth Management, is led by Paul Feeney as chief executive.
Peter Mann will become managing director for the UK market, while Steven Levin will become managing director for international markets.
Feeney 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.’
He added: ‘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.’
The merger comes after the sale of the Skandia Nordic business by Old Mutual earlier this year, which was passed on to Skandia Liv. The firm said this will prevent confusion arising from the Skandia brand being used by the two separate companies, Old Mutual and Skandia Liv.
As part of the merger, Skandia UK, Skandia International and the Skandia European businesses outside of the Nordics will take on the Old Mutual Wealth brand, with the transition taking place over a 24-month period to mitigate disruption.
Old Mutual Wealth’s offshore products will now be marketed under the Old Mutual International label, in order to distinguish them from onshore products.
The firm also recently merged its asset management business, which brought together Skandia Investment Group and Old Mutual Asset Managers. This arm will be part of Old Mutual Wealth, but will keep its distinct asset management identity by having the name Old Mutual Global Investors.
As reported earlier in the year, the asset management arm will be led by Julian Ide, who reports to Feeney.
The group said the expansion of its asset management capability is central to Old Mutual Wealth’s strategy, ahead of the retail distribution review.
As part of this, the firm will aim to combine its investment solutions with its UK platform and will also look to grow its product range, in the UK and internationally.