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Old Mutual will merge its Skandia businesses into a single business called Old Mutual Wealth as part of the insurer's strategy to create a leading provider of wealth management solutions in the UK and globally.

The merger follows the sale this year by Old Mutual of its Skandia business to Skandia Liv and will avoid the confusion created by the Skandia brand being used by two separate companies‚ Old Mutual said in a statement.

“The merger of the Skandia businesses into Old Mutual Wealth will create a simplified and improved customer proposition that helps people manage their wealth and will enable Old Mutual plc to invest in a single brand globally‚” the insurer said.

It said the wealth management unit - previously Old Mutual Wealth Management - was now operating under a single senior management team led by Paul Feeney as CE‚ while Peter Mann will become the MD for the UK market and Steven Levin head of international markets. - I-Net Bridge