Skandia UK is laying off three senior executives as part of a restructuring of the business.
Chief operating officer John Tomlins, chief finance officer Simon Lloyd and platforms delivery director Tim Mann will leave the company. The announcement comes just a month after Skandia unveiled plans to close nine regional offices.
A Skandia spokesperson said the redundancies result from a restructuring of its senior executive team.
"In essence, the three executives headed up departments, functions or projects that have been reabsorbed into other parts of the business," he said.
Tomlins runs the internal shared services function - including IT, platform delivery, human resources and investment administration - and provides services to Skandia Investment Group (SIG), Skandia International and Skandia UK.
"The shared services division is being reapportioned into the rest of the business - so there will no longer be a head of the shared services division," the spokesperson said.
Tomlins will leave in six months, during which time he will oversee the transition of the shared services division into the UK business.
Simon Lloyd will be replaced by Phil Hine - currently finance director of shared services - who will assume Lloyd's responsibilities as the shared services finance function is integrated into the main Skandia UK operation.
Mann is being layed off, Skandia says, because the projects he has been working on "have reached a natural conclusion." He was responsible for the integration of Selestia into Skandia, the development of the new SIS platform and the migration of Skandia multiFUNDS to SIS.
In addition, Tom Berger and Steve Kowal from sister company SIG are leaving. Kowal's exit comes as a result of a restructuring of SIG's open architecture team while Berger leaves to pursue non-executive directorships and travel. Shailen Tank, relationship manager, international, has also been made redundant.
In November, Skandia revealed it is set to close nine regional offices - employing a team of 100 business consultants - as the company looks to centralise operations and set up a new adviser centre.
The spokesperson said the plan to close its regional offices is unrelated to the departure of the three senior executives.
Achievements, charity work and other happy snippets
Laughable excuses for persisting
Spent 56 years at Schroders
Warns on profits