Skandia is combining its multi-manager business to form Skandia Investment Group, which it claims will be one of the world's largest multi-manager investment businesses with £60 billion ($120 billion) in assets under management. Skandia Investment Group will be responsible for the distribution of the group’s three core businesses: Skandia Europe & Latin America (ELAM), Skandia Nordic and Skandia UK & Offshore. As such it will include multi-manager portfolios, research selected funds, structured products and open architecture funds. Jamie MacLeod has been named as chief executive of SIG and will report directly to Julian Roberts, chief executive of the Skandia Group and Old Mutual Director for Europe. Mr MacLeod will also retain his current position of chief executive of Skandia Investment Management in the UK as well as the UK’s Asset Management Division.