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Skandia to cut 200 jobs

Skandia to cut 200 jobs

Skandia UK is to cut 200 jobs with marketing director Nick Dixon the highest profile casualty.

The 200 jobs will go across the business as a result of the overlap of roles created by the merger of the Skandia business with Old Mutual.

Marketing director Nick Dixon and director of adviser sales Andy Davies will both leave the company.

Paul Feeney, chief executive of Old Mutual Wealth, said: 'We know this is a difficult time for our staff, so we will make these changes as quickly as we can to give them clarity about the future and to ensure there will be minimal disruption for advisers and our customers. I’d like to take this opportunity to thank both Nick and Andy for their significant contribution to Skandia’s success to date.’

Old Mutual announced in September that it was set to drop the Skandia brand in a merger of all its Skandia businesses, including the platform into one single business called Old Mutual Wealth.

This followed the recent merger of Skandia Investment Group and Old Mutual Asset Managers in July in which the company said would result in 30 job cuts across both businesses.

Old Mutual Wealth has appointed Skandia International’s marketing director Michelle Andrews as its marketing director. Steve Powell, previous sales director (corporate partners) at Skandia UK has also been appointed its sales director of the UK.

Dixon will stay with the business until the end of February 2013 to handover to Andrews.

Skandia is the latest life company to announce job cuts to its business as a part of a restructure. In August that up to 800 UK staff members could lose their job as part of its cost-cutting restructure that chairman John McFarlane implemented to target £400 million of cost savings.

Zurich also announced in May that its UK arm, led by chief executive Gary Shaughnessy has planned to cull 90 jobs as part of its plans to reduce the size of its UK business.

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