LONDON-BOUND Old Mutual said on Monday it has agreed to merge its linked investment services division with that of Nedcor Investment Bank, in which it already holds a majority stake. “The amalgamation is in line with closer co-operation between Old Mutual and Nedcor that takes advantage of scale, scope and expertise in the combined, wider group,” Old Mutual MD Gerhard van Niekerk said. The merger of Old Mutual Investment Services and NIB Investment Portfolio Services will create a group to be called Galaxy Investment Services. Old Mutual said that during its first two years of operation, its investment services wing had acquired more than R5-billion in assets under administration. The combined Galaxy group will be the largest linked investment service provider in the country.