Wagstaff to become CEO at Skandia Investment Group

The former global head of distribution at Gartmore, Phil Wagstaff, is set to join Skandia Investment Group (SIG) as CEO.

Wagstaff will take over the CEO role, subject to regulatory approval, from Marc Bulstrode, who has been acting CEO since last December. He will return to his role as chief operating officer when Wagstaff lands at the firm.

Bulstrode stepped into the chief exectutive role following Nils Bolmstrand's move to Skandia's Nordic business as head of product after 12 months in the role.

"We can confirm, subject to regulatory approval, Wagstaff will be appointed as CEO, with Bulstrode returning to his role as the group's chief operating officer," said a spokesperson.

At Gartmore, Wagstaff was responsible for the distribution of retail, institutional and alternative products in the UK, Europe, Japan and the US, as well as marketing, client service and product development.

He joined the firm in 2007 from New Star Asset Management where he was managing director of UK sales and marketing.

He had previously been managing director of UK retail at M&G.

Bolmstrand was formerly chief executive of Skandia Fonder AB, and stepped in to oversee SIG after Jamie MacLeod left the group in September 2009 to become CEO of Berry Asset Management.

MacLeod had been instrumental in setting up Skandia Investment Management and growing assets within the business.       

Last week Richard Pursglove, Wagstaff's former colleague at Gartmore, joined GSAM to lead a nine-strong sales and marketing team.

Wagstaff and Pursglove were not among the staff members who moved across to Henderson following its takeover of Gartmore in April this year.