Old Mutual is merging two of its three UK asset management businesses, Old Mutual Asset Managers UK (OMAM UK) and Skandia Investment Group. Its third UK business, Rogge Global Partners, a specialist bond manager, will stay separate.
Julian Ide, chief executive of OMAM, will become head of the combined company and report to Paul Feeney, chief executive of asset management for Old Mutual’s Long Term Savings division. James Millard will be chief investment officer of the merged business.
Old Mutual said it believes the combined business will be better able to retain talented investment managers and be a stronger partner for advisers and customers once the retail distribution review comes into force in the UK. The name of the merged company will be decided in a business review and the company said it hopes to make further announcements in the third quarter.
Skandia Investment Group has assets under management of £8.7 billion (€11 billion), though in addition it oversees some of the £54 billion managed by Old Mutual Wealth Management. OMAM UK has assets under management of £4 billion.
Old Mutual’s wider asset management business has operations in the United States and South Africa, where it operates a multi-boutique model in both cases, and had assets under management of £267 billion overall, as of 31 December.
©2012 funds europe
