Old Mutual Combines Wealth Management and Retail Europe Unit

This follows a strategic review of the businesses due to macro-economic and regulatory developments in the European long-term savings and investment markets and changes in customer preferences.

Paul Hanratty, Chief Executive of Old Mutual's Long-Term Savings business, said: 'We concluded that the affluent long-term savings and investment market in Europe is attractive for Old Mutual. As a result, we have decided to combine the Wealth Management Continental Europe business and the Skandia Retail Europe business to create Wealth Management Europe.'

Hein Donders has been appointed CEO of the new business unit, which will sit within Old Mutual Wealth Management, with immediate effect. Jonas Jonsson, currently CEO of Retail Europe, will work with Hein for several months to establish the new business unit, before assuming a new strategic role within Old Mutual.