Standard Life is carrying out an internal restructure which will see the wealth business move into Standard Life Investments.
The move will see Standard Life Wealth chief executive Richard Charnock report to SLI chief executive Keith Skeoch, rather than Standard Life UK and Europe chief executive Paul Matthews as is currently the case.
Charnock will also join the SLI board on 1 January, subject to regulatory approval.
The company says as this is an internal restructure no jobs will be affected.
SLI chief executive Keith Skeoch says: “Following the recent acquisition of Newton Private Clients, Standard Life Wealth has become a substantial asset management business, which has created a deeper operational and investment link between our two companies. It now makes sense to align our two businesses more closely.
“We believe this is a very positive move for both companies and will give Standard Life Wealth greater access to our global investment platform, investment performance and investment solutions. Over the next few months we will be working together closely to make sure the move goes smoothly for our businesses, our people and our clients.”
He adds: “We see substantial opportunities to accelerate the growth of Standard Life Wealth from its strong base as a whole-of-market discretionary fund manager of significant scale and market presence. Standard Life Investments’ infrastructure, internal expertise and international exposure will provide strong support for future growth.”