Skandia reassures market
Skandia has moved to reassure the market that the changes occurring in the upper levels of management in its parent company, Old Mutual, have no relationship or bearing on Skandia’s Australian operations.
Skandia’s parent company, South African insurer Old Mutual, yesterday replaced its chief executive officer Jim Sutcliffe in the wake of reporting losses of around US$290 million, while flagging the likelihood of further write downs.
“Yesterday the Old Mutual Group announced that Julian Roberts has been appointed as the new group chief executive following Jim Sutcliffe’s resignation,” a Skandia statement said.
Roberts had been chief executive of Skandia’s UK, European and Latin American operations since February 2006 after joining Old Mutual Group as group finance director in 2000, the statement said.
A statement from Roberts said: “Apart from the Old Mutual US life business the rest of the Old Mutual businesses continue to perform in line with expectations.”
The group said “the developments in the US will have no impact on Old Mutual’s businesses in Australia (being Skandia and Intech)”.
Recommended for you
Licensee switching may be on the rise, but AFSLs are still finding ways to make the process difficult with small licensees identified as the biggest culprits.
While technology is seen by many as the key to solving efficiency challenges for advisers, a consultancy head has argued that advisers themselves are contributing to this burden through unnecessary overcomplications of the advice process.
Findings from Russell Investments has shown clients are struggling to understand fee structures when receiving advice, even if the advisers believe they are transparent.
AMP’s advice platform has unveiled a low-fee investment menu aimed at expanding advisers’ client base by targeting individuals with less complex needs, in response to adviser feedback.
