Old Mutual merges European wealth management with Skandia unit

Old Mutual is to combine its continental Europe wealth management business and its Skandia Europe retail businesses.

The decision to merge the two units was taken following a strategic review of the businessess, given the maco-economic climate and regulatory changes in the European market.

The wealth management business covers France and Italy, and the Skandia unit serves Germany, Austria, Poland and Switzerland.

 Paul Hanratty, chief executive of Old Mutual’s long-rerm savings business, says: “We concluded that the affluent long-term savings and investment market in Europe is attractive for Old Mutual.

“As a result, we have decided to combine the Wealth Management Continental Europe business and the Skandia Retail Europe business to create Wealth Management Europe.”

Hein Donders will head the merged business as chief executive, with current chief executive of retail Europe Jonas Jonsson  working alongside him to establish the business before taking up a new strategic role.