Old Mutual Asset Managers and Skandia IG to merge
Old Mutual and Skandia fund businesses are merging, as Skandia Investment Group gears up for London move.
Old Mutual Asset Managers (Omam) and Skandia Investment Group (SIG) are merging and Julian Ide is taking over the combined firm.
The group has not decided on a name for the combined asset management entity, which will include star Omam managers such as Ashton Bradbury and Dan Nickols and SIG’s range of multi-manager products led by managers including John Ventre and Francois Zagame.
SIG’s chief investment officer (CIO) James Millard has been named as CIO of the combined business.
Both firms are already ultimately part of FTSE 100 insurance group Old Mutual plc. The decision to rebrand comes after SIG last November revealed it was relocating its head office - along with 57 staff - to London. This will effectively leave the group with two London-based asset managers.
Mr Ide is currently chief executive officer of Omam UK but he is taking over the combined business with immediate effect, reporting to Paul Feeney who is chief executive of the Old Mutual Long Term Savings division.
Former BNY Mellon distribution boss Mr Feeney joined the group in January.
He has been working as chief executive of SIG after in December Phil Wagstaff, the former Gartmore global head of distribution, revealed he was departing from SIG after just two weeks as chief executive. He left to take up a distribution role at Henderson.
The changes come amid a period of reorganisation for the Old Mutual group. On April 23 it announced the completion of plans to sell the Skandia Insurance Company - its Nordic business - to Swedish insurer Skandia Liv for £2.1bn.