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Skandia to move to London

Skandia Investment Group (SIG) plans to relocate to London to bring it closer to clients.

Paul Feeney
Paul Feeney

The company, currently based in Southampton, will complete the move by the end of 2013 as part of a programme to consolidate its UK business premises.

A statement by the group says: “Given its increasingly important international role within Old Mutual’s long-term savings division and ambition to provide high performing, customer-driven investment solutions, SIG has decided to relocate.”

The move has implications for Skandia’s staff, as around 57 workers – or about two-thirds of its UK workforce – are based in Southampton. “It is hoped that most in Southampton will take the opportunity to move to London,” the firm adds.

In addition, Skandia says it has identified 13 roles which “did not meet SIG’s plans for the future and were no longer required by the business”. It adds that the 13 people affected by this will be offered new jobs within Skandia and the wider Old Mutual group where possible.

The company has also created 13 new specialist roles to strengthen its distribution and investment management activities, with more than half of these vacancies already being filled.

Recently, SIG hired Phil Wagstaff to be its chief executive. Wagstaff will report to Paul Feeney, who will fill the newly-created position of chief executive of asset management at Old Mutual’s long-term savings division in January.

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