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Skandia Select head James Millard quits

Skandia investments director James Millard has quit the firm after management of the model portfolio service on its WealthSelect proposition was moved inside Old Mutual Global Investors.

Millard was appointed to head up Skandia’s investment solutions team, which was in charge of creating the Select range,  in December 2012.

The team was also responsible for investment oversight of external fund ranges on Skandia’s platforms.

Management of the Select proposition will be taken over by OMGI head of multi-manager John Ventre, who leads the multi-asset team.

Originally branded as Skandia Select, the proposition will now be known as WealthSelect and is due to launch in the first quarter of 2014.

Skandia announced in August it had pushed back the launch of the Select propositions to add a suite of model portfolios in response to adviser demand.

A Skandia spokesman says: “As we prepare for the launch of our new WealthSelect proposition next year we have taken the decision to run the managed portfolio service that will be part of that proposition within OMGI.  As a result James Millard has decided to leave the business.”

Thomas and Thomas Financial Services managing director Darren Llloyd Thomas says: “Skandia seems to have had a few issues around unbundling and regulatory requirements which have changed the shape of the Select proposition.”

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