Old Mutual merges European wealth management units

Old Mutual’s French- and Italian-based wealth management business is being pulled together with Skandia’s Retail Europe business unit in Germany, Austria, Poland and Switzerland, the company has announced.

In an announcement to the London Stock Exchange, Paul Hanratty, chief executive of Old Mutual’s long-term savings business, said the move followed a strategic review of the businesses in response to macroeconomic and regulatory developments, as well as changes in customer preferences.

Mr Hanratty said: “We concluded that the affluent long-term savings and investment market in Europe is attractive for Old Mutual.

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“As a result, we have decided to combine the Wealth Management Continental Europe business and the Skandia Retail Europe business to create Wealth Management Europe.”

Hein Donders has been appointed chief executive of the new business unit, which will sit within Old Mutual Wealth Management, with immediate effect.

According to Mr Hanratty, Jonas Jonsson, currently chief executive of the Retail Europe unit, will work with Mr Donders for several months to establish the new business unit, before assuming a new strategic role within Old Mutual.