Skandia reassures market
Skandia has moved to reassure the market that the changes occurring in the upper levels of management in its parent company, Old Mutual, have no relationship or bearing on Skandia’s Australian operations.
Skandia’s parent company, South African insurer Old Mutual, yesterday replaced its chief executive officer Jim Sutcliffe in the wake of reporting losses of around US$290 million, while flagging the likelihood of further write downs.
“Yesterday the Old Mutual Group announced that Julian Roberts has been appointed as the new group chief executive following Jim Sutcliffe’s resignation,” a Skandia statement said.
Roberts had been chief executive of Skandia’s UK, European and Latin American operations since February 2006 after joining Old Mutual Group as group finance director in 2000, the statement said.
A statement from Roberts said: “Apart from the Old Mutual US life business the rest of the Old Mutual businesses continue to perform in line with expectations.”
The group said “the developments in the US will have no impact on Old Mutual’s businesses in Australia (being Skandia and Intech)”.
Recommended for you
Equity offerings should be “seriously considered” by advice firms if they want to attract experienced advisers with the option viewed as a major differentiator for candidates seeking their next role.
DASH Technology Group has enacted two internal promotions, appointing a chief risk officer and chief commercial officer to strengthen the firm’s governance and operational capabilities.
The Stockbrokers and Investment Advisers Association has announced the appointment of its new chief executive following the exit of Judith Fox after six years.
Insignia Financial has appointed an experienced financial advice leader as head of education and advice on its Master Trust business, who joins from Ignition Advice,
