Old Mutual warns asset management merger could see job cuts

Old Mutual said the merger of its two UK asset management businesses could result in job losses - but denied the move is a "cost-cutting" exercise.

Earlier today the company announced it is unifying its two UK asset management businesses - Old Mutual Asset Managers UK (OMAM UK) and Skandia Investment Group (SIG) - into a single business with a view to rebranding under one name. A spokesperson for the company said the move could see some roles axed. "We are bringing two companies together and when you do that there will be areas of overlap and that is what we are working through now," he said. "The management team has been given a period of time to review the business and work out what they need in their various departments and...