Old Mutual has announced plans to merge its two investment arms Old Mutual Asset Managers and Skandia Investment Group.
According to parent company Old Mutual, the combined business will be “the investment engine” behind its wealth management business.
Julian Ide, currently CEO of OMAM UK, has been appointed CEO of the combined business with immediate effect, reporting to Paul Feeney, CEO of asset management for Old Mutual’s Long Term Savings division. James Millard has been appointed chief investment officer of the combined business.
The senior management team of the new business is now undertaking a full review of its combined operations and, subject to regulatory approval, expects to make further announcements about its strategy in the third quarter of 2012.
SIG and OMAM UK continue to operate as before and there will be no immediate impact on advisers or existing customers.
Feeney (pictured) says: “Our aim is to become one of the most preferred asset management partners for financial advisers and their customers in the post RDR market. OMAM UK already has strong in house fund managers, SIG already has market leading expertise in managing investment solutions and, through Skandia, we have significant distribution strength. Combining those elements into one package creates a very powerful offering for intermediaries and customers.”