Skandia's MultiFUNDS business is to migrate onto the Selestia platform as part of cost savings brought about by Old Mutual's acquisition of Skandia.
The integration of the two platforms is expected to be completed at some point next year although Brett Williams, chief executive of Skandia MultiFUNDS and Selestia, said both brands would be retained for the foreseeable future.
"We will move the MultiFUNDS business onto the Selestia platform some time next year as it is going to take that length of time to build on to the platform and create scalability," he said. "We will take the best ideas of both platforms because some parts of MultiFUNDS are better than Selestia and vice versa.
"We know that certain intermediaries like particular bits of each. By consulting with them, we think that will create the best platform."
In addition to seeking feedback on bringing the two together, Williams said the firm is consulting on what is required in terms of developing further wrap technology.
Regarding branding, Williams said: "It is likely that at some point just one brand will remain but if we thought that would damage client relationships we would not do it."
Skandia CEO Nick Poyntz-Wright said the purpose of the exercise is to create the largest open-architecture platform in the UK with up to 1,000 external fund links and a full range of tax wrappers.
While Poyntz-Wright conceded there would be around 600 job losses from IT, administration and support services over the next two years, he stressed that Skandia's asset management arm, Skandia Investment Management, would not be merged with Old Mutual Asset Management and will continue to be managed on its current basis.
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