Old Mutual Wealth will have one senior management team which besides Feeney - who was named CEO of Old Mutual Wealth Management in June - includes Peter Mann and Steven Levin, who will become managing director for the UK market and managing director for international markets respectively. 

The firm said that the sale of the Skandia Nordic business by Old Mutual to Skandia Liv earlier this year “makes now the ideal time to make this change”, as it will avoid any confusion created by the Skandia brand being used by two separate companies.

Skandia UK, Skandia International and the Skandia European businesses outside of the Nordic region will adopt the Old Mutual Wealth brand in a “controlled programme” over the next two years, so as to minimise disruption for customers and financial advisors, as well as completing the necessary regulatory procedures.

Meanwhile, Old Mutual Wealth’s offshore products will be marketed under the Old Mutual International name to differentiate them from onshore products.

The recently-merged asset management business comprising Skandia Investment Group and Old Mutual Asset Managers (UK) is part of Old Mutual Wealth but will “retain a distinct asset management identity as Old Mutual Global Investors”, the firm said. That business will continue to be led by Julian Ide, reporting to Feeney.