View more on these topics

Skandia merger sees 200 jobs cut

Skandia 480

Old Mutual is to cut 200 roles as it merges its Skandia businesses to form Old Mutual Wealth.

Old Mutual Wealth was created through the merging of Skandia UK, Skandia International and the Skandia European businesses outside of the Nordic region.

The firm says the roles will be cut in areas where there is overlap from merging the businesses and where improving business processes reduces the need for manual work.

The cuts see Skandia UK marketing director Nick Dixon and sales director Andy Davies leave the business. Davies will leave immediately while Dixon will remain until February next year.

Michelle Andrews has been appointed marketing director for UK, international and Europe while Steve Powell has been appointed sales director for the UK.

Old Mutual Wealth chief executive Paul Feeney says: “We have a clear vision which is to grow into the leading provider of wealth management solutions.To achieve this we need the right structure and cost base to support a successful wealth management business, which means changing our current systems and processes.

“We know this is a difficult time for our staff, so we will make these changes as quickly as we can to give them clarity about the future and to ensure there will be minimal disruption for advisers and our customers. I’d like to take this opportunity to thank both Nick and Andy for their significant contribution to Skandia’s success to date.”

Old Mutual says it has entered into a 90-day consultation with staff affected.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. Certainly the service and willingness to help has dropped off considerably over the last year. Understandable I suppose.

  2. I not looking forward to Old Mutual being in the driving seat.

  3. More evidence our industry (profession) is going to the dogs

    The Old dogs (mutual) in this case, agree with Harry.

  4. It has also just occurred to me what an absolutely awful, pathetic and misleading name they have chosen.

    Old Mutual Wealth.

    Does this mean that they will only be concerned with a few well known people with old money?

    The Mutual Wealth of the Rothschilds, Astors, Grimaldis & Viscontis perhaps.

  5. Having worked for Skandia since the early days before being ‘surplussed’ in the previous round of blood letting (come to think of it, it may have been the time before that as there have been so many since Old Mutual took over!) it seems OM have no more of a clue about how to grow the previously very succesful Skandia brand than they did then. It seems OM are the true kiss of death for any acquisition and their history of carnage at all levels of staffing worthy of the Borgias. Now Demi Moore has flown back from the IOM, watch out! Come back Alan Wilson although I’m sure you would be mortified by what they’ve done to your once amazing company!

  6. More than half a dozen news worthy rounds of blood letting since OM aggressively acquired Skandia.

    Many more rounds of blood letting will ensue before OM finally sell what is left of Skandia.

Leave a comment