Old Mutual merges European operations

by Gill Montia

Story link: Old Mutual merges European operations

Old Mutual is combining its Wealth Management Continental Europe (France and Italy) operations with its Skandia Retail Europe business (Germany, Austria, Poland and Switzerland) to create Wealth Management Europe.

The merger follows a strategic review of the businesses prompted by economic and regulatory developments in the European long-term savings markets, and changes in customer preferences.

Hein Donders, previously wealth management executive Europe, has been appointed chief executive officer of the combined businesses, which will sit within Old Mutual Wealth Management.

Jonas Jonsson, currently chief executive officer of retail Europe, will work with Mr Donders for several months to establish the new unit, before assuming a another strategic role within Old Mutual.

The group’s chief executive officer for long-term savings, Paul Hanratty, comments: “We concluded that the affluent long-term savings and investment market in Europe is attractive for Old Mutual.”