Old Mutual

Old Mutual Limited is a pan-African investment, savings, insurance, and banking

Old Mutual Ltd
group. Established in 1845 in South Africa, it had more than 12 million customers
and R1.2 trillion funds under management as of 31 December 2017.[2] It is listed on
the Johannesburg Stock Exchange, Zimbabwe, Malawi, Namibia and London Stock
Exchanges.
Type Limited company
Traded as JSE: OMU
LSE: OMU
Contents ZSE: OMU
History Industry Financial services
Operations Founded May 17, 1845
Executive committee (Cape Town, Cape
Sponsorships Colony)
Bursaries Headquarters Johannesburg,
Responsible business
South Africa

See also Key people Trevor Manuel,

Chairman
References
Peter Moyo, CEO
External links
Products Life insurance
Savings and
investment
History Asset management
Banking
The company was founded 1845 as a mutual insurance company by John Fairbairn,
Short-term
together with several other prominent Cape Town figures such as the liberal
insurance
politician Saul Solomon.[3] The original name The Mutual Life Assurance Society of
Operating R10,976 million
the Cape of Good Hope was changed to The South Africa Mutual Life Assurance
income (2017)[1]
Society in 1885.[4]
Net income R17,620 million
In 1939, the Old Mutual art deco office opened in Darling Street as the Mutual (2017)[1]
Building (or, Mutual Gebou in Afrikaans)[4] which has since been converted to AUM R1.2 trillion
residential use and known as "Mutual Heights". In 1956, Old Mutual relocated its (2017)[1]
head office to Mutualpark in Pinelands which was the largest office block in the Number of 31,000 (2018)
southern hemisphere at the time.[4] employees
Website www.oldmutual.com
In 1970, Old Mutual acquired a major shareholding in the newly formed Mutual &
Federal, and later acquiring the remaining shares in 2009.[5] Mutual & Federal was renamed as Old Mutual Insure on 05 June 2017,
and is now a part of the Old Mutual Emerging Markets business. [6]

In 1973, Old Mutual acquired shareholdings inNedcor Bank (renamed the Nedbank Group in 2005).[4]

In 1997 and 1998, the company acquired UK stockbrokers Capel-Cure Myers and Albert E. Sharp respectively which then merged to
form Capel-Cure Sharp.[4]

In 1999, it was demutualised and the company listed on the London, Johannesburg, Zimbabwe, Malawi and Namibian Stock
Exchanges as Old Mutual. Old Mutual establishes a head office in London.[4]
In 2000, it bought the Gerrard Group, a financial services concern, for $857
million.[7] Capel-Cure Sharp subsequently merged with Greig Middleton, Gerrard
Group's private client business. Old Mutual sold Gerrard to Barclays Bank PLC in
2003.[4]

Later in 2000 Old Mutual purchased United Asset Management, based in Boston,
for US$1.46 billion in cash and assumed ownership of UAM net debt of around
US$769 million,[8] thus acquiring a large and diverse US-based asset manager.
Among the holdings of UAM were the PBHG Funds of Pilgrim Baxter &
Associates. In 2003, PBA was one of many companies who faced charges related to
market timing brought by the U.S. Securities and Exchange Commission (SEC) and
the Attorney General of New York. Ultimately, the PBHG Funds (which had been
[9]
renamed Liberty Ridge) were absorbed into the Old Mutual Funds group.

In 2005, Mike Levett retired as Chairman and was succeeded by Christopher John Fairbairn, Founder and first
Collins.[4] A Black Economic Empowerment deal was introduced at Old Mutual Chairman
South Africa, Nedbank and Mutual & Federal in 2005.[4]

In 2006, Old Mutual acquired the Swedish insurer, Skandia, in a $6.5billion deal,
bringing additional business in the United Kingdom, several other countries in
Europe, in Latin America, the Far East and Australia (which Old Mutual has since
exited).[10] Old Mutual also announced its Black Economic Empowerment deal in
Namibia.[4]

In 2010, Patrick O'Sullivan became chairman of Old Mutual, succeeding

Christopher Collins.[4] That same year, HSBC backed away from its plan to acquire
70% of Nedbank, including Old Mutual's 53% shares.[11] In 2011, Old Mutual sold Original Old Mutual headquarters in
Cape Town. The building now serves
US Life to Harbinger Group Inc. for $350million.[12]
as residential accommodation.
[13]
In 2012, Old Mutual sold its Nordic operations to Skandia Liv for £2.1 billion.

In 2013, Old Mutual strengthened operations in Africa with the acquisition of

Provident Life Assurance in Ghana[14] and Oceanic Life in Nigeria.[15]

As of January 2014, with the additions of attorney Adiba Ighodaro, daughter of

Nigeria's 3rd Secretary-General of the Commonwealth of Nations, Chief Emeka
Anyaoku,[16] and former Wall Street powerhouse Zoe Cruz, Old Mutual's Board
became 30% female.[17]

In 2014 Skandia Colombia renamed to Old Mutual Colombia, Provident Life Old Mutual Head Office in
Assurance renamed to Old Mutual Ghana and Skandia UK renamed to Old Mutual Johannesburg.
Wealth. Later in 2014, Old Mutual Wealth sold Skandia Germany, Skandia Austria
and Skandia Poland.[4]

In May 2015, Old Mutual celebrated 170 years of operation[4] and Bruce Hemphill became Group Chief Executive in November
2015.[18]

In March 2016, Old Mutual plc announced a new strategy for the Group, called managed separation that seeks to unlock and create
value for shareholders. The strategy will entail the separation of its four businesses, Old Mutual Emerging Markets, Nedbank, UK-
based Old Mutual Wealth and Boston based Old Mutual Asset Management (OMAM) into standalone entities.[19] In August 2016,
Old Mutual Investment Group signed a deal with the Nigeria Sovereign Investment Authority to invest $700 million in hospitality,
retail, commercial sectors, and food security,[20] and sold its Italian wealth management arm to the ERGO Group for €278
million.[21]
A significant strategic milestone was reached during the first half of 2017 with the announcement of a series of transactions that will
once completed, reduce Old Mutual plc’s stake in OM Asset Management (OMAM) to 5.5%. OMAM is now independent from Old
Mutual plc.[22] Additionally in 2017, Old Mutual completed the sale of Indian based Kotak Mahindra Old Mutual Life Insurance
Ltd.[23]

ge Old Mutual Wealth as Quilter plc in summer 2018.[24]

In November 2017 the company announced that it would demer

In June 2018 the company underwent the execution of its managed separation strategy. Old Mutual plc shares were de-listed and Old
Mutual Limited and Quilter plc, now independent businesses, listed on the Johannesburg, Zimbabwe, Malawi, Namibian and London
Stock Exchanges. Old Mutual Limited retained its majority shareholding in Nedbank which the company has committed to
distributing a majority portion of to shareholders later in the year. Old Mutual’s head office became located at No 1 Mutual place,
Sandton, Johannesburg.[25]

Operations
Old Mutual South Africa[26]

Old Mutual Investment Group

Old Mutual Insure
Old Mutual Wealth (South Africa)
Old Mutual Colombia
Old Mutual Botswana
Old Mutual Ghana
Old Mutual Malawi
Old Mutual Namibia
Old Mutual Nigeria
Old Mutual Swaziland
Old Mutual Zimbabwe
UAP Old Mutual Group

UAP Old Mutual Holdings

Faulu Microfinance Bank Limited
Aiva (Uruguay)
Kotak-Mahindra Old Mutual Life Insurance (India)
Nedbank

[2]
Nedbank (55% owned): one of the four largest banking groups in South Africa.
Nedbank Private Wealth: wealth management (South Africa).
[26]
Nedbank Private Wealth: private banking, investment management and fiduciary services (international).

Executive committee
The members of the executive committee are:[27]

Peter Moyo, Chief Executive Officer

Clarence Nethengwe, Managing Director: Mass and Foundation Cluster
Karabo Morule, Managing Director: Personal Finance
Clement Chinaka, Managing Director: Corporate
Dave Macready, Managing Director: Wealth and Investments
Hannes Wilken, Managing Director: Old Mutual Insure
Jonas Mushosho, Head : Rest of Africa
David Buenfil, Chief Executive Officer: Latin America and Asia
Raymond Berelowitz, Head: Customer Solutions
Iain Williamson, Chief Operating Officer
 Vuyo Lee, Chief Marketing Officer
Casper Troskie, Chief Financial Officer
Joel Baepi, Director: Governance, Regulatory and Corporate Af
fairs
Richard Treagus, Chief Risk Officer
Celiwe Ross, Human Capital Director

Sponsorships
[28]
Old Mutual and its subsidiaries are involved in a number of sponsorships worldwide:

The Old Mutual Two Oceans Marathon (South Africa)

The Old Mutual National Choir Festival (South Africa)
The Old Mutual joBerg2c (South Africa)
The Nedbank Old Mutual Budget Speech Competition (South Africa)
The Nedbank Golf Challenge(South Africa)
The Nedbank Cup (South Africa)[28]
Your Horizon, in partnership with Young Enterprise (United Kingdom)

Bursaries
Old Mutual South Africa awards a number of bursaries every year for exceptional matriculants and actuarial students at South
African universities. It also offers part-qualified actuarial employees study leave before actuarial exams. Actuarial students are also
[29]
typically awarded salary increases following exam passes.

Responsible business
[30] as well as the Carbon Disclosure Project.
Old Mutual participates in the United Nations Global Compact (UNGC), [31]

See also
BoE Stockbrokers
Nedbank
UAP-Old Mutual Group
Real People Group

References
1. "Analyst Presentation 2018"(https://www.oldmutual.com/docs/default-source/investor-relations-files/oml-presentation
s/presentations-2018-(17-may)/2018-05-18-oml-analyst-presentation.pdf?sfvrsn=cbb735ae_4) (PDF). Retrieved
16 July 2018.
2. "Annual Report 2016" (http://www.oldmutualplc.com/download/31442/Old%20Mutual%20plc%20Annual%20Report%
202016.pdf) (PDF). Old Mutual. Retrieved 7 September 2017.
3. "Business Times article" (https://web.archive.org/web/20120404044602/http://www .btimes.co.za/96/1215/columns/ne
ws3.htm). Sunday Times. Archived from the original (http://www.btimes.co.za/96/1215/columns/news3.htm) on 4
April 2012. Retrieved 8 June 2012.
4. "Old Mutual History" (http://www.oldmutual.com/about/heritage.jsp). Oldmutual.com. Retrieved 18 April 2011.
5. "Old Mutual buys out M&F"(http://www.fin24.com/Companies/Old-Mutual-buys-out-MF-20091014). Fin 24. 14
October 2009. Retrieved 9 April 2017.
6. "Mutual & Federal rebranding to Old Mutual Insure"(https://www.oldmutual.co.za/docs/default-source/Old-Mutual-Ins
ure/om-insurerebrand.pdf?sfvrsn=0)(PDF). Old Mutual Insure. Retrieved 7 September 2017.
7. "Old Mutual reaches deal"(https://query.nytimes.com/gst/fullpage.html?res=9F06E2D9173DF93AA25752C0A9669C
8B63&sec=&spon=). New York Times. 19 January 2000. Retrieved 18 April 2011.
 8. "Old Mutual extends US reach"(https://www.independent.co.uk/news/business/news/old-mutual-extends-us-reach-w
ith-2bn-uam-acquisition-713116.html). The Independent. UK. 20 June 2000. Retrieved 18 April 2011.
9. Curtain to close on Liberty Ridge Capital(http://advisor.morningstar.com/articles/article.asp?s=0&docId=15896&pgN
o=1) Morningstar Advisor, 24 November 2008
10. Old Mutual seals deal for Skandia(http://news.bbc.co.uk/1/hi/business/4652406.stm)BBC News, 26 January 2006
11. Paul J Davies; Sharlene Goff (15 October 2010). "Old Mutual stunned as HSBC shuns Nedbank"(https://www.ft.co
m/content/aebaef12-d7bd-11df-b478-00144feabdc0) . Ft.com. Retrieved 28 September 2016.
12. Harbinger Capital Buys Old Mutual's U.S. Life Operations for $350 Million (https://www.bloomberg.com/news/2010-0
8-06/harbinger-capital-buys-old-mutual-s-u-s-life-operations-for-350-million.html)Bloomberg, 6 August 2010
13. Old Mutual to Sell Nordic Operations to Skandia Liv for $3.25 Billion(https://www.bloomberg.com/news/2011-12-15/
old-mutual-to-sell-nordic-operations-to-skandia-liv-for-3-25-billion.html)Bloomberg, 15 December 2011
14. Old Mutual Buys Out Ghana Insurance Firm(http://www.businesstoday.co.ke/node/1015) Business Today, 5
September 2013
15. Old Mutual plans to acquire Nigerian firm(http://www.fin24.com/Companies/Financial-Services/Old-Mutual-acquires-
Nigerian-firm-20120222)Fin 24, 22 February 2012
16. Bloomberg (https://www.bloomberg.com/research/stocks/private/person.asp?personId=3263744&privcapId=907062
8) "Company Overview of Actis LLP"
17. Costello, Miles (https://www.thetimes.co.uk/article/glass-ceiling-is-wiped-out-as-cruz-missile-hits-old-mutual-0f8n06w
xjwc) The Times: "Glass ceiling is wiped out as Cruz missile hits Old Mutual"; 7 January 2014.
18. "Old Mutual turns to African financial services veteran"(http://www.ft.com/cms/s/0/7609ad78-e33b-11e4-9a82-00144
feab7de.html#axzz440P87RAc). FT. 15 April 2015. Retrieved 26 March 2016.
19. "Old Mutual to split into four units"(https://www.bbc.com/news/business-35782231). Bbc.com. 11 March 2016.
Retrieved 28 September 2016.
20. "Why Old Mutual is investing millions in Nigeria"(http://www.afrikonomics.com/why-old-mutual-is-investing-millions-in
-nigeria/). Afrikonomics.com. 22 September 2016. Retrieved 28 September 2016.
21. Marion Dakers (9 August 2016)."Old Mutual sells £238m Italian wealth arm as part of separation"(https://www.telegr
aph.co.uk/business/2016/08/09/old-mutual-sells-238m-italian-wealth-arm-as-part-of-separation/)
. Telegraph.co.uk.
Retrieved 28 September 2016.
22. Old Mutual (12 May 2017)."Sale of first tranche of OM Asset Management shares to HNA Capital US closes"
(http://
www.oldmutualplc.com/media/news/view-news.jsp?news-id=31584). Old Mutual plc. Retrieved 7 September 2017.
23. "Old Mutual to sell India insurance JV stake to Kotak for $202 mln"(https://www.reuters.com/article/kotak-mah-bk-old
-mutual-stake/old-mutual-to-sell-india-insurance-jv-stake-to-kotak-for-202-mln-idUSL4N1I01J1) . Reuters. 28 April
2017. Retrieved 11 March 2018.
24. "Old Mutual Wealth to rebrand as Quilter following managed separation"(https://www.investmentweek.co.uk/investm
ent-week/news/3021065/old-mutual-to-rebrand-to-quilter-following-separation). Investment Week. 15 November
2017. Retrieved 1 June 2018.
25. "Old Mutual's African arm lists on the JSE as 'managed separation' continues"
(https://www.fin24.com/Companies/Fi
nancial-Services/old-mutuals-african-arm-lists-on-the-jse-as-managed-separation-continues-20180626) . Fin 24. 26
June 2018. Retrieved 26 June 2018.
26. "Old Mutual Structure" (http://www.oldmutualplc.com/about/structure.jsp). Oldmutual.com. Retrieved 7 September
2017.
27. "Old Mutual Executive"(https://web.archive.org/web/20110129085325/http://www .oldmutual.com/about/management
Structure.jsp). Oldmutual.com. Archived fromthe original (https://www.oldmutual.com/about/leadership/executive) on
29 January 2011. Retrieved 26 June 2018.
28. "Old Mutual Sponsorships"(http://www.oldmutual.com/about/sponsorships.jsp). oldmutual.com. Retrieved 29 August
2012.
29. "Old Mutual Learners' Scholarship Programme for South Africans, South Africa"
(http://scholarship-positions.com/old
-mutual-learners-scholarship-programme-for-southafricans-south-africa/2010/07/23/)
. Scholarship-positions.com. 30
July 2010. Retrieved 18 April 2011.
30. "Communication on progress - Old Mutual"(https://archive.is/20131004141056/http://www .unglobalcompact.org/parti
cipants/active/7107-Old-Mutual-plc). unglobalcompact.org. Archived fromthe original (http://www.unglobalcompact.o
rg/participants/active/7107-Old-Mutual-plc)on 4 October 2013. Retrieved 4 October 2013.
31. "Company Responses"(https://archive.is/20131004141050/https://www.cdproject.net/en-US/Results/Pages/Compan
y-Responses.aspx?company=13807). cdproject.net. Archived fromthe original (https://www.cdproject.net/en-US/Res
ults/Pages/Company-Responses.aspx?company=13807)on 4 October 2013. Retrieved 4 October 2013.

External links
Official website
Official Old Mutual South Africa site
Official Nedbank site

Retrieved from "https://en.wikipedia.org/w/index.php?title=Old_Mutual&oldid=857826988

"

This page was last edited on 3 September 2018, at 08:13(UTC).

Text is available under theCreative Commons Attribution-ShareAlike License ; additional terms may apply. By using this
site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a registered trademark of theWikimedia
Foundation, Inc., a non-profit organization.