30th Apr 2007 14:30
Old Mutual PLC30 April 2007 Old Mutual plc Ref 23/07 30 April 2007 Skandia simplifies UK business proposition to help advisers Skandia, a subsidiary of Old Mutual plc, today announces a new UK businessstructure, which will give financial advisers a single, easy-to-understandmarket proposition. Skandia Life, Skandia MultiFunds and Selestia, Old Mutual'sUK distribution platform, will unite into one UK business, which will provideadvisers with the largest fund platform in the UK. The combined business will beled by Brett Williams as Chief Executive Officer* and will sit alongsideSkandia's International and Asset Management Divisions. Mr Williams will reportto Nick Poyntz-Wright, Group Chief Executive Officer, Skandia UK & Offshore. The single UK business unit will give advisers one comprehensive range ofproducts and one sales team with which to interact. The breadth of the productproposition will support all adviser businesses that have begun the journey awayfrom the traditional with-profits life office model towards unit-linkedinvestment solutions. To facilitate this industry change, Skandia's UK proposition provides a broadrange of products, services, charging structures and remuneration options. Thiswill include Skandia Life's MultiManager pension, bond and protection products;the new open-architecture fund supermarket combining the best elements of thecurrent Skandia MultiFunds and Selestia platforms; and in the future, a fullwealth management service. Julian Roberts, CEO Skandia, said: "The formation of this structure is a natural step in the achieving our costsynergy targets and to realise the full potential of integration with OldMutual. Brett's appointment completes our restructuring of management within ourUK business and consolidates our onshore offer so that Skandia is able toprovide an unrivalled service to its adviser network." Nick Poyntz-Wright, Group Chief Executive Officer of Skandia UK and Offshore,comments: "I believe advisers want a single relationship with a provider that is able towork with them through every stage of their business development. Having one UKbusiness with a single focus on that relationship will ensure Skandia isuniquely well placed to support adviser's own business development plans and tocater for changing needs in a transitional industry" *Brett William's appointment as CEO of Skandia Life is still subject to formalapproval by the FSA. Old Mutual will be hosting a detailed presentation to analysts on Skandia atwhich commercial plans for Skandia UK's next generation life and pensionsoffering including full wrap proposition will be discussed. The meeting willtake place at 08.30 on 21 June 2007 at Old Mutual Place, 2 Lambeth Hill, London. Enquiries Investor RelationsMalcolm Bell UK +44 (0)20 7002 7166Deward Serfontein SA +27 (0)21 509 8709 MediaJames Crampton Old Mutual +44 (0)20 7002 7133Jo Gilbey Skandia UK +44 90)23 8072 6404 About Skandia Skandia, a wholly owned subsidiary of Old Mutual plc, is one of the world'sleading independent providers of quality solutions for long-term savings.Founded in Sweden in 1855, Skandia currently operates in over 20 countries, withthe United Kingdom and Sweden as its largest markets. Skandia UK previously comprised of four business units: Skandia Life, Selestia/Skandia Multifunds, Skandia Investment Management (SIML), and SkandiaInternational. With over a million customers and £35 billion under management,Skandia is one of the fastest growing UK savings companies. Skandia UK focuses on long-term savings. It offers unit-linked investmentsthrough an open-architecture 'fund platform' enabling access to a wide range offunds from external managers and SIML. Skandia solutions are distributed viaindependent financial advisers only, targeting affluent customers. Investmentsin Skandia are unit-linked, backed by over 400 external funds selected byadvisers and their clients. About Old Mutual Old Mutual plc is an international savings and wealth management company basedin the UK. Originating in South Africa in 1845, the group has a balancedportfolio of businesses offering asset management, life assurance, banking andgeneral insurance services in over 40 countries, primarily South Africa, Europeand the United States. Old Mutual is listed on the London, Johannesburg andStockholm stock exchanges, among others. By conducting its business worldwide under its core values of integrity, respectand accountability, Old Mutual aspires to push beyond boundaries to drive valuefor all its stakeholders. In the year ended 31 December 2006, the group reported an increase in adjustedoperating profit of 16% to £1.4 billion (IFRS basis) and had £239 billion offunds under management. The Company has approximately 53,000 employees. For further information on Old Mutual plc, please visit the corporate website atwww.oldmutual.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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