Over the weekend, Old Mutual confirmed it had sold a 25% stake in its US fund management arm, Old Mutual Asset Management, to China’s HNA for $446mn. This disposal forms part of its plan to break itself into four parts by the end of next year, mainly due to regulatory changes which have rendered the business too complex to run in its current form. Following the disposal, the group’s remaining stake in Old Mutual Asset Management stands at 26%. Old Mutual currently plans to dual-list its UK asset management and African emerging markets businesses in Johannesburg and London, while reducing its stakes in Old Mutual Asset Management and Nedbank.
On Friday, Old Mutual ended marginally higher, up 0.28% settling at R39.18. However, over the weekend, Sky News reported the group was looking to split itself into four standalone businesses. A break-up of Old Mutual, will see the separation of its Nedbank investment, its UK wealth unit, its emerging market assets and its institutional asset management businesses. On Saturday evening, the group confirmed it was considering the move, but stressed no decision has yet been made. Old Mutual also indicated it will provide a further update to investors on Friday the 11th of March when it reports its 2015 results.
Old Mutual, which has its primary listing on the London Stock Exchange and its secondary listing on the JSE, continued with its top level reshuffle after the COO, Paul Hanratty, resigned on Tuesday. Hanratty has indicated that he will continue to work and remain on the board until the group announced its preliminary results in March. This move follows mere months after the departure of former CEO, Julian Robert. As a result, one of the first tasks that new incoming CEO, Bruce Hemphill, will have to address is the vacant COO position. At the close, the Old Mutual increased by 0.78% on the JSE, whilst gaining 1.48% on the LSE.
Continue reading Old Mutual: Top level reshuffle continues
Old Mutual plc is pleased to announce the appointment of Bruce Hemphill as Group Chief Executive, succeeding Julian Roberts as part of an orderly succession plan. Julian Roberts will remain as Group Chief Executive until Bruce Hemphill’s start date, which is anticipated to be during the fourth quarter of 2015. Bruce will be an Executive Director and based in London.