Old Mutual

Adam Smears, formerly the head of investment research at Skandia, has joined Russell Investments to lead its fixed income research team.

Old Mutual Wealth is planning to turn around its Skandia platform by halving costs as a proportion of FUM after the business made a £5m loss in the first half of 2012.

Old Mutual Global Investors has launched a four strong multi-asset fund range for John Ventre, which aim to beat inflation over the long term.

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.

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Adam Smears, head of investment research at Skandia, has left the group to pursue other opportunities.

Platform giant Skandia's sales force is understood to be facing a significant reduction in numbers after the group - now known as Old Mutual Wealth - revealed there will be 200 jobs lost across the business.

Paul Feeney, chief executive of Old Mutual Wealth Management, said the firm is aiming to become the number one wealth manager in the UK, following its merger with Skandia.

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