Old Mutual plc to combine OMAM UK and SIG

RNS Number : 1173C

Old Mutual PLC

26 April 2012

 



Ref 34/12

26 April 2012

Old Mutual plc

Old Mutual plc to combine OMAM UK and SIG

Old Mutual plc (Old Mutual) today announces that it will combine two of its UK asset management businesses, Old Mutual Asset Managers UK (OMAM UK) and Skandia Investment Group (SIG), into a single business. 

The unified business will give Old Mutual a significant asset management presence in the UK and it will be the investment engine behind Old Mutual's Wealth Management business.

The scale of the combined business will allow it to retain and attract talented investment managers, further develop its product range and investment solutions, and provide high quality service to its customers.

Julian Ide, currently CEO of OMAM UK, has been appointed CEO of the combined business with immediate effect, reporting to Paul Feeney, CEO of asset management for Old Mutual's Long-Term Savings division. 

The senior management team of the new business is undertaking a full review of its combined operations and expects, subject to regulatory approvals, to make further announcements about its strategy in the third quarter of 2012. 

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."

Enquiries

External Communications / Investor Relations
Patrick Bowes		[phone]
Kelly de Kock		[phone]
Media
William Baldwin-Charles		[phone]

Notes to Editors

Old Mutual

Old Mutual is an international long-term savings, protection and investment Group.  Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance to more than 12 million customers in Africa, the Americas, Asia and Europe.  Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2011, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £267 billion of funds under management from core operations.

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 

 

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