Old Mutual Wealth has confirmed it will cut 200 roles as it merges its Skandia businesses, in a move that sees theSkandia brand consigned to history.

Paul Feeney, chief executive of Old Mutual Wealth, said: ‘We know this is a difficult time for our staff, so we will make these changes as quickly as we can to give them clarity about the future and to ensure there will be minimal disruption for advisers and our customers.’

Meanwhile, two senior appointments have been made, with Michelle Andrews becoming marketing director. She will have responsibility for all marketing across the UK, International and Europe.

Andrews has worked at Skandia for 15 years across a range of roles, most recently as commercial director of Skandia International. In her new role she reports into Hylton Donnelly, commercial director at Old Mutual Wealth.

Steve Powell has been appointed sales director for the UK, responsible for driving sales of both onshore and offshore products into the UK market.

Powell has worked for Skandia for 20 years, most recently as sales director at Skandia UK. He will continue to report to Peter Mann, managing director, UK market, at Old Mutual Wealth.

Source: CityWire.  Read full article here.