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Old Mutual to drop Skandia name in rebrand

Parent group Old Mutual is rebranding its merged asset management business as Old Mutual Global Investors, Money Marketing’s sister title Fundweb.co.uk understands.

In April, the firm announced it is merging its two asset management businesses, Old Mutual Asset Managers and Skandia Investment Group, into a single business, headed by Julian Ide.

Ide will report to former distribution head Paul Feeney, chief executive of asset management for Old Mutual’s long-term savings division.

Fundweb.co.uk understands an announcement is to be made regarding the new name this week.

A number of redundancies have occurred as a result of the merger, including Skandia business development manager John Campbell. Other departures include head of sales and marketing Simon Wilson and regional sales manager Simon Cowan. Cowan has now joined Ignis Asset Management as fund sales director.

In July, the firm said 30 staff could go as a result of the merger.

Skandia declined to comment.

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