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Old Mutual mulls split - report

Mar 06 2016 10:43
Allison Connolly

London - Old Mutual Plc is drafting a plan to split itself up into standalone companies, Sky News reported, without saying where it got the information.

A breakup of the £9bn ($12.8bn) UK-based insurer would carve out South Africa’s Nedbank, its wealth unit, and its emerging markets and institutional asset management businesses, Sky News said.

Private-equity investors Cinven and Warburg Pincus have already made a multi billion-pound joint cash offer for Old Mutual Wealth, Sky reported.

Patrick Bowes, investor relations spokesperson, said by mobile telephone from London that “Old Mutual notes the speculation. The company is not in a position to respond right now.” Cinven and Warburg declined to comment to Sky News.

Details of the plan could be announced as soon as Friday, Sky said.

Founded in South Africa in 1845, Old Mutual moved its headquarters to London in 1999. It has £319.4bn in funds under management, according to the latest figures on its website.

Chief Executive Bruce Hemphill is said to have started working on the plan shortly after taking over late last year, Sky News said.

Hemphill said in a video on the company’s website in mid-November that he would examine Old Mutual’s businesses, management and markets over the next few months. He was also meeting with “key customers, investors and stakeholders.”

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nedbank  |  old mutual

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