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30 staff could go in Old Mutual/Skandia merger

The merger of Old Mutual Asset Managers (UK) with Skandia Investment Group could result in 30 redundancies, a Skandia spokesman has confirmed.

Redundancies could come as areas of overlap are identified for the merged business, although no comment has been made on which areas could be affected.

The merger of the two Old Mutual subsidiaries was announced earlier this year, with current Old Mutual Asset Managers (UK) chief Julian Ide to head the merged business. Ide will report to Paul Feeney, who was named as chief executive of Old Mutual Wealth Management, the umbrella group for Skandia UK, Skandia International, Skandia’s European businesses, Skandia Investment Group and Old Mutual Asset Managers (UK).

A number of senior appointments have been announced recently including Warren Tonkinson as global head of distribution for the merged business and former Thames RIver chief operating officer Jeremy Charles in the same position at Old Mutual Wealth Management.

Old Mutual Asset Managers (UK) has already confirmed the departure of sales & marketing head Simon Wilson.

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