The Skandia brand will no longer exist and all Skandia UK operations will adopt the Old Mutual Wealth brand with effect from today.

The Skandia brand will no longer exist and all Skandia UK operations will adopt the Old Mutual Wealth brand with effect from today.

The firm, which originally launched in the UK in 1979, was acquired by Old Mutual in 2006 and the rebrand completes its integration into the FTSE 100 group.

The launch of the Old Mutual Wealth brand is accompanied by a major advertising campaign across the UK, including major railway stations and 16 regional airports and sponsorship of golf coverage on the Sky Sports network.

Skandia International, Old Mutual Wealth’s offshore investment business, will be rebranded Old Mutual International early next year, the firm said.

"There is an opportunity to build a business that integrates the three elements people need to help them save for their future – financial advice, investment and retirement solutions and tax efficient products. There is a necessity to rebuild trust in financial services by empowering customers through high quality advice and information," said Paul Feeney, chief executive of Old Mutual Wealth.

"We are incredibly proud of our Skandia heritage and in fact we want to reignite the Skandia passion for innovation and high quality support for advisers and customers within Old Mutual Wealth. So, we say goodbye to Skandia with pride and look forward to building a new breed of investment business as Old Mutual Wealth," he added.

Old Mutual Wealth is part of Old Mutual, a London-listed firm which oversees £80.2 billion ($137.4 billion) in customer investments.