UK wealth manager said that consolidation will enable it to streamline its businesses and focus on wealth management as well as enhance its footprint in the UK wealth management market.
The unified unit will also help to retain talented investment managers, develop new products and investment solutions, while offering quality services to the customers.
Julian Ide, currently CEO of OMAM UK, has been appointed as CEO of the combined business with immediate effect, who will report to Paul Feeney, CEO of asset management for Old Mutual’s Long-Term Savings division.
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," Feeney added.
The management team of Old Mutual is carrying out a review of the combined operations and plans, subject to regulatory approvals, after which further developments will be made known in the third quarter of 2012.
