Skandia's director of investments James Millard is stepping down from the role at the end of the year after it was decided the managed portfolio service will be run by Old Mutual Global Investors.
Millard was appointed head of the investment solutions team in December and was initially involved in the creation of the focused Select fund range.
The running of the managed portfolio service - part of the Select proposition - will be turned over to John Ventre's multi-asset team at Old Mutual next year.
A Skandia spokesman said: "As we prepare for the launch of our new Wealth Select proposition next year we have taken the decision to run the managed portfolio service that will be part of that proposition within Old Mutual Global Investors. As a result James Millard has decided to leave the business.
"The managed portfolio service will be run by John Ventre's Multi-Asset team. This team already manages over £5bn on behalf of our customers in multi-asset and multi-manager funds such as the Spectrum range. The managed portfolio service element of WealthSelect naturally sits with their experience in asset allocation and fund manager selection."
The ten fund groups who have signed up to the Wealth Select proposition are reportedly engaged in talks with Skandia after it altered its pricing plans in line with the regulator's ruling on cross subsidisation, sparking concerns over margins.
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