Old Mutual has confirmed it is rebranding its merged asset management business and dropping the Skandia brand.
In April, the firm announced it is merging its two asset managers businesses, Old Mutual Asset Managers and Skandia Investment Group, into a single business, headed by Julian Ide.
The recently merged asset management business is part of Old Mutual Wealth but will retain a distinct asset management identity as Old Mutual Global Investors.
The Skandia businesses within the Old Mutual group will be merged into a single business called Old Mutual Wealth.
Old Mutual Wealth, previously Old Mutual Wealth Management, has a single senior management team led by Paul Feeney as chief executive. Peter Mann will become managing director for the UK market and Steven Levin will become managing director for international markets.
Skandia UK, Skandia International and the Skandia European businesses outside of the Nordic region will adopt the Old Mutual Wealth brand in a programme to be undertaken in the next two years. Old Mutual Wealth’s offshore products will be marketed under the Old Mutual International name to differentiate them from onshore products.
Feeney says: “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.
“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.”