Old Mutual To Merge Asset Management Units

Apr 27 2012 | 4:34am ET

Old Mutual will merge its British asset management businesses, both of which have hedge funds in their stable, the firm said yesterday.

Old Mutual Asset Managers and Skandia Investment Group will be united in the third quarter as part of a streamlining effort. Old Mutual added that it hoped the combined business would be better able to attract and retain top investment talent.

OMAM CEO Julian Ide will serve as CEO of the merged group. Skandia's James Millard will be chief investment officer.

"The unified business will give Old Mutual a significant asset management presence in the U.K. and it will be the investment engine behind Old Mutual's wealth management business," the company said.


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