International long-term savings, protection and investment group Old Mutual plc (OML) announced on Thursday that it will combine two of its UK asset management businesses, Old Mutual Asset Managers UK (OMAM UK) and Skandia Investment Group (SIG), into a single business.
The unified business will give Old Mutual a significant asset management presence in the UK and it will be the investment engine behind Old Mutual's Wealth Management business.
The scale of the combined business will allow it to retain and attract talented investment managers, further develop its product range and investment solutions, and provide high quality service to its customers.
Julian Ide, currently CEO of OMAM UK, has been appointed CEO of the combined business with immediate effect, reporting to Paul Feeney, CEO of asset management for Old Mutual's Long-Term Savings division.
The senior management team of the new business is undertaking a full review of its combined operations and expects, subject to regulatory approvals, to make further announcements about its strategy in the third quarter of 2012.
Paul Feeney said: “Our aim is to become one of the most preferred asset management partners for financial advisers and their customers in the post-RDR market. OMAM UK already has strong in-house fund managers, SIG already has market-leading expertise in managing investment solutions and, through Skandia, we have significant distribution strength. Combining those elements into one package creates a very powerful offering for intermediaries and customers.” - I-Net Bridge