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.