Old Mutual Global Investors has outlined ambitious growth plans which include the expansion of its direct asset management offering and widening its product range.

Old Mutual Global Investors is the product of a recent merger between Old Mutual Asset Managers and Skandia Investment Group. It is led by chief executive Julian Ide, who has said that the UK is core to his firm’s strategy. In particular, Old Mutual Global Investors is looking to tap the wholesale market and to create products for the Old Mutual Wealth business, and as such the firm will be “significantly” investing in its product development team, Ide said.

Third-party distribution is also high on the agenda and the firm is looking to grow this side of the business via IFAs, wealth managers and banks, and through the development of platform relationships in both the UK and internationally.

Old Mutual Wealth is itself newly-created; the decision to merge the Skandia businesses within the Old Mutual group into a single unit called Old Mutual Wealth, led by chief executive Paul Feeney, was announced last month. At that time the firm said that while Old Mutual Global Investors is part of Old Mutual Wealth it will “retain a distinct asset management identity”. Following the formation of Old Mutual Global Investors a rebrand will be taking place from the start of next year which is planned to run through the rest of 2013.

In other recent changes within the Old Mutual Group, at the start of October reports emerged that Fairbairn Private Bank, which is ultimately owned by South Africa’s Old Mutual through Nedbank Group, is to become Nedbank Private Wealth later this month as part of a restructure.

When contacted by WealthBriefing, Nedbank confirmed that Fairbairn Private Bank, Fairbairn Trust Company, Fairbairn Trust Limited and BoE Private Clients are to be merged into one firm once regulatory approval is granted. It did not, however, confirm that the new entity would be called Nedbank Private Wealth.

It is understood that the only change being made is to the private bank’s name; Fairbairn’s staff and offices will remain the same as at present.