Skandia UK's business unit chief executive, Brett Williams, is leaving his current role to head up the firm's new wealth management division, which is set to launch on 1 August, according to media reports. Mr Williams says the new unit will operate in the UK and across Europe. His current position will be taken over by Skandia UK and offshore division chief executive Nick Poyntz-Wright. Skandia's wealth management arm will launch in two phases. The first, expected to take between six and nine months, will see the first three months researching the market, with a business plan being drawn up thereafter. The entire project should be fully operational in between 18 months and two years.