Skandia Investment Group has appointed a new chief executive officer as Jamie Macleod steps down.

The incoming CEO has been named as Nils Bolmstrand. Mr Bolmstrand has worked for SIG since its launch in 2007, prior to which he was CEO of Skandia Fonder AB in Stockholm.

Mr Macleod founded SIG in 2002. It now has a head count of 165 and manages £53 billion ($88 billion) assets.

"Jamie founded Skandia Investment Management seven years ago, and has been instrumental in building and leading the SIG business…. I thank Jamie for his part in this and wish him well for the future,” said Bob Head, CEO Old Mutual Group wealth management division.

Skandia UK is a division of the Skandia Group, which is owned by Old Mutual, a provider of life assurances, asset management, banking and general insurance.