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Scottish Mutual chief quits in Abbey National restructure

Scottish Mutual chief executive Graham Pottinger is quitting the Abbey National group after a restructuring of its long-term savings and wealth management businesses.

Abbey National is bringing all its intermediary businesses in to one group, ready for depolarisation.

Pottinger will not be directly replaced. Abbey&#39s life division finance director David Wallace will take over running the whole division as director of operations.

The wealth management and long-term savings division was created in March this year and is headed by Mac Millington.

Its management and operational structure has been reshuffled to align functions of the group rather than their separate brands.

Abbey National insists that there are no plans to drop any of the brand names.

Sales and marketing functions for all Abbey&#39s UK intermediary business will be brought together under one team.

Abbey National director (retail e-commerce) Ambrose McGinn will become director of sales and marketing for Scottish Mutual, Scottish Provident, Cater Allen, James Hay and Abbey National intermediary mortgages.

Intermediaries will have a relationship manager for the whole intermediary business but will continue to see product specialists.

A centre of excellence is being set up for the group&#39s fund management to bring together Abbey National Asset Management and Inscape&#39s fund management.

A new international division is being created that will encompasses Abbey National&#39s offshore arms in Italy and France as well as Scottish Mutual&#39s and Scottish Provident&#39s international operations.

No location changes or job losses are planned as a result of the restructuring.

Ambrose McGinn says: “By integrating all the UK sales teams we will be much better placed to meet the needs of the intermediary market and to respond more effectively to the challenges of depolarisation and further regulation.”

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