Skandia bins wealth team
Skandia, the European wealth manager, is axing its four-man wealth management team who were focused on ultra high net worth individuals, in order to concentrate on its mass affluent client base.
The news comes a month after the head of the unit, Brett Williams, departed for Cofunds, leaving four remaining members of staff in the team.
The four have been offered redundancy packages, including Skandia UK business unit head of finance Mark Williams and Martin Sheer, who reported to him, as well as their two support staff, according to online daily Citywire.
The wealth management unit was tasked with developing a wrap to target clients with funds of between £1 million and £10 million.
The project has now been shifted to the main UK business unit and will focus on mass affluent and high-net-worth clients. Skandia said ultra-high-net worth clients had emerged as too much of a break from its traditional client base.
The new project will now become an evolution of Skandia’s current Selestia platform. Its targeted launch for next year will see a move to unbundled pricing and access to a wider array of investment products.
Skandia did not return calls.
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