Old Mutual to cut 30 staff as SIG, OMAM merge

Old Mutual is preparing to cut 30 jobs as it merges Skandia Investment Group and Old Mutual Asset Managers into a single division.

The cuts, which are currently subject to a consultation phase, are not expected to include investment professionals such as fund managers. Old Mutual said in April it expected to make further announcements regarding the strategy of the combined business in the third quarter of 2012, following a full review of all operations. OMAM UK Julian Ide will become CEO of the combined business, reporting to Paul Feeney, CEO of asset management at Old Mutual's long-term savings division. OMAM sales and marketing director Simon Wilson said earlier this month that he would be leaving the group ...