The decision followed a strategic review of the business, Old Mutual said, and was due to “macro-economic and regulatory developments in the European long-term savings and investment markets, and changes in customer preferences”.
The Old Mutual Wealth Management business operates in France and Italy, while the Skandia Retail Europe unit looks after clients in Germany, Austria, Poland and Switzerland.
Paul Hanratty, chief executive of Old Mutual’s Long-Term Savings business, said the company had concluded that the affluent long-term savings and investment market in Europe was an “attractive one” to be in.
“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."
Named to head up the newly-combined unit as its chief executive was Hein Donders, who has been CEO of the Old Mutual wealth management business.
Jonas Jonsson, currently CEO of Retail Europe – the Skandia operation – will work with Hein for several months to establish the new business unit, before assuming a new strategic role within Old Mutual, the company said.
Founded in South Africa in 1845, Old Mutual is a global financial services group with more than 15 million customers and policyholders throughout Europe, the Americas, Africa and Asia. It is listed on a number of stock exchanges, including the London Stock Exchange and the Johannesburg Stock Exchange.
