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Old Mutual drops Skandia name in rebrand

Skandia 480

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.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Typical ego trip and marketing nonsense.

    I would contend that in the UK for retail Skandia has a better, more respected name than Old Mutual. For many OM is regarded at best as a niche player and at worst as somewhat of a dog’s breakfast.

    What may be a big deal in South Africa is not always exportable.

  2. I have no particular affection or attachment to the Skandia brand, and see no negative in changing it.

    However, to ‘Old Mutual’? It’s a rubbish name for a Fund Manager, and an even worse name for a platform.

    Why on earth do the twerps in Marketing think this is a good idea? Unlike say, a Standard Life, Old Mutual has no real brand recognition in the UK, and indicates a clumsy, old fahioned identity, so this will gain them nothing.

    If you need a new name, choose one, and avoid a connection with other parts of the business. Good brands for a platform are already out there – Cofunds, Transact, Fundsnetwork, even the more esoteric like Novia, Ascentric etc avoid the potential for confusion.

    This will lose them support, not gain it.

    Hey! I think I’ve got a good name for them – how about ‘Selestia’, or have I heard that somewhere before?

  3. I really dont mind the change, even though Skandia has always stood for something in the UK. What OM are trying to do is ‘globalise’ their brand – Skandia is a non-entity outside the UK so why would they really want to stick the rest of the company into that bag?
    Not sure about the ‘platform’ agrument either – Skandia are a provider NOT a platform! They just happen to have one!
    Standard Life have a wrap/platform too and I don’t here people bang on about their name!

    And – by branding OM it shows a certain level of commitment to the WHOLE company – so less likely that smaller componenents could/would be sold off.
    Unlike our friends at LTSB how still have not rebranded their seperate parts of the group and there is annual speculation about when/if SWIP, SW, C&G etc will be sold off!

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