The change, which is scheduled to take place next April, will see the UK advisory business – currently known as AWD Chase de Vere – become even more distinct from Swiss Life’s European AWD businesses, which are now to be rebranded under the Swiss Life Select banner. In the UK, the entity will be known simply as Chase de Vere.
Swiss Life announced the changes today during its ‘Investors’ Day’.
In a statement, it noted that, coinciding with the rebranding, "a total of 300 to 400 jobs may be lost in Germany and Switzerland over the next three years", of which 90 would be in Switzerland. However, the parent company will "strengthen its presence in Germany and Switzerland", as "from now on all production and distribution organisations in each market will be managed under one roof, to optimse market development and exploit synergies".
Chase de Vere via Bank of Ireland
Hannover-based AWD originally acquired Chase de Vere from Bank of Ireland in 2005, when it was the bank’s UK-based IFA network. The UK business has always been run as an autonomous independent company, and this will continue to be the case.
However, rather than reporting to AWD in Germany, the executive board will instead report directly to Swiss Life in Zurich.
Stephen Kavanagh, AWD Chase de Vere chief executive, said he was pleased that the Chase de Vere brand will be retained: “This brand is highly thought of by our clients, professional contacts and within the financial services industry.
“For everything else it is very much business as usual. We are extremely well positioned to meet the challenges of the Retail Distribution Review, and we will continue with our current strategy, focusing on providing high quality advice and service to our clients.”
