Mr Dixon has worked for Skandia since 2002 and as marketing director since 2007. He will stay until February 2013 to ensure a smooth handover to his replacement Michelle Andrews. Ms Andrews was most recently commercial director at Skandia International.
Mr Davies has worked for Skandia for 19 years and will be replaced by Steve Powell who was previously sales director for corporate partners at Skandia UK.
Old Mutual Wealth said the 200 roles would be removed where there were areas of overlap created by merging the two businesses and where improvements in business processes reduced the need for manual work.

Paul Feeney, chief executive of Old Mutual Wealth, said: "We have a clear vision which is to grow into the leading provider of wealth management.
"To achieve this, we need the right structure and cost base to support a successful wealth management business, which means changing our current systems and processes.
"We know this is a difficult time for our staff, so we will make the changes as quickly as we can to give them clarity about the future and to ensure there will be minimal disruption for our advisers and our customers."
The firm said the changes would have no impact on Skandia UK's RDR preparation or Wealth Interactive, Skandia International's new wealth management service.
It said Old Mutual Wealth had already entered into a 90 day consultation phase with staff about the changes.