New brand under consideration following OMAM-SIG merger
Selecting a brand will be one of the key decisions facing the senior management team of the combined Old Mutual Asset Management (OMAM) UK and Skandia Investment Group business announced today.
It is understood that Paul Feeney (pictured), CEO of asset management for Old Mutual’s Long Term Savings division, Julian idle, CEO of OMAM UK and now CEO of the combined business, and James Millard, CIO of the combined business are planning to announce the result of a business development review- including a possible rebranding – by the third quarter of 2012.
The combined business is intended to support asset management accessed via Old Mutual Wealth Management – Skandia UK, Skandia International, Skandia Europe, and third party financial institutions and intermediaries.
Business relationships in the UK, the key market affected by the announcement are unaffected in practical terms: “It is business as usual,” said a spokesperson. Financial intermediaries should expect no changes as such.
However, going forward it is intended that the combined business will serve as a platform to better introduce new products and solutions for customers, including those served by intermediaries. For example, the UK’s Retail Distribution Review is cited as a key reason for the business change.
Branding has moved up the agenda at Old Mutual recently with the deal to sell off the Swedish part of Skandia. The new Skandia group there has the right to use the brand for life, asset management and other financial services offered to its Nordic customers. However, given that ‘Skandia’ remains part of the name of the Southampton, UK based asset manager SIG, now being combined with OMAM UK, there is some speculation that Old Mutual will want to differentiate in name from the Nordic business it has sold.