Woolwich Plan Managers will change its name in the new year to that of parent company Barclays, although the product will remain the same.

Woolwich Plan Managers (WPM) is a provider of structured investment products in the UK and is a wholly owned subsidiary of Barclays, which bought the Woolwich building society in 2000. Under the Barclays brand, WPM will begin a synchronized product roll-out of new products, the bank said.

Colin Dickie, director of Woolwich Plan Managers said that IFAs will now be able to recommend Barclays branded investment plans to their clients, but despite the disappearance of the Woolwich Plan Managers name, it is business as usual. We will however use the opportunity to introduce some new product features and functionality, but essentially we are continuing with the same core range as before.

Barclays added that the adoption of the Barclays brand is restricted to Woolwich Plan Managers and the Woolwich brand will continue to play a key role as the savings and mortgage brand of the Barclays Group.