Skandia cuts 200 jobs as it rebrands to Old Mutual Wealth
Old Mutual Wealth has said it is to cut 200 jobs - including senior marketing and sales roles - as it merges the £65.5bn Skandia businesses.
Old Mutual Wealth was created through the merger of Skandia UK, Skandia International and the Skandia European businesses outside the Nordic region.
The group said the 200 roles would be removed where there were “areas of overlap” created by merging the businesses together.
Nick Dixon, marketing director will leave the business in February next year and Andy Davies, sales director of adviser sales of Skandia UK is leaving to “explore other opportunities”.
“The core customer services teams are not affected by these changes but will be continuously reviewed to ensure Skandia continues to deliver the best possible service to its customers,” the group said.
“These changes will have no impact on Skandia UK’s RDR preparation or the roll out of Wealth Interactive, Skandia International’s new wealth management service.”
The company said two senior appointments had already been agreed for Old Mutual Wealth with immediate effect.
Michelle Andrews has been appointed marketing director and will have responsibility for all marketing activity across the UK, International and Europe. She will report to Hylton Donnelly.
Steve Powell has been appointed sales director for the UK responsible for driving sales of both onshore and offshore products into the UK market. He will report to Peter Mann, managing director UK market at Old Mutual Wealth.
Paul Feeney, chief executive of Old Mutual Wealth, said: “We have a clear vision which is to grow into the leading provider of wealth management solutions.
“To achieve this we need the right structure and cost base to support a successful wealth management business, which means changing our current systems and processes.
“We know this is a difficult time for our staff, so we will make these changes as quickly as we can to give them clarity about the future and to ensure there will be minimal disruption for advisers and our customers.
“I’d like to take this opportunity to thank both Nick and Andy for their significant contribution to Skandia’s success to date.”
Old Mutual Wealth has now entered a 90 day consultation phase with staff about the proposed changes and will not be providing further comment until this consultation is complete.