Old Mutual moves to end 'confusion' over Skandia merger

Old Mutual said it is "progressing well" with plans to build Old Mutual Wealth into a leading wealth management business, but is taking further steps to address its cost base.

In September, the group announced plans to merge its Skandia units - including Skandia UK and Skandia International - and its platform into a single business managing some £67bn of assets. It has already confirmed 200 roles will likely be cut as it progresses with the merger, and group chief executive Julian Roberts said the company was further addressing its cost base. Meanwhile, Paul Feeney, chief executive of Old Mutual Wealth, has addressed what he described as "confusing reports" about what the merger means. "Let me be clear," he said, "our aim is to be a provider of wealth ma...