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.”
He adds the firm sees “substantial opportunities to accelerate the growth of Standard Life Wealth”, supported by SLI’s brand and infrastructure.
In February, Standard Life Wealth acquired Newton Management Limited’s private client division in a deal worth up to £83.5m.
Plutus Wealth Management founding partner Georgina Partridge says: “There have been a lot of changes at Standard Life recently and they have all been positive, not only for them but for advisers and clients. This move seems like a natural progression for Standard Life Wealth.”