Old Mutual combines Wealth Management, Retail Europe

1/24/2012 12:40:00 PM

Financial services group Old Mutual is to combine its Wealth Management Continental Europe business (France and Italy) with the Skandia Retail Europe business unit (Germany, Austria, Poland and Switzerland). This follows a strategic review of the businesses due to macro-economic and regulatory developments in the European long-term savings and investment markets and changes in customer preferences, the company said on Tuesday. "We concluded that the affluent long-term savings and investment market in Europe is attractive for Old Mutual. "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," said Paul Hanratty, Chief Executive of Old Mutual's Long-Term Savings business. Hein Donders has been appointed CEO of the new business unit, which will sit within Old Mutual Wealth Management, with immediate effect. Jonas Jonsson, currently CEO of Retail Europe, will work with Hein for several months to establish the new business unit, before assuming a new strategic role within Old Mutual.

I-Net Bridge