Skip to content
International Adviser
  • Contact
  • Login
  • Subscribe
  • Regions
    • United Kingdom
    • Middle East
    • Europe
    • Asia
    • Africa
    • North America
    • Latin America
  • Industry
    • Tax & Regulation
    • Products
    • Life
    • Health & Protection
    • People Moves
    • Companies
    • Offshore Bonds
    • Retirement
    • Technology
    • Platforms
  • Investment
    • Equities
    • Fixed Income
    • Alternatives
    • Multi Asset
    • Property
    • Macro Views
    • Structured Products
    • Emerging Markets
    • Commodities
  • M&A Deals
  • Best Practice
    • Best Practice News
    • Best Practice Awards
  • Media
    • Video
    • Square Mile Research
  • My IA
    • Events
    • Directory
    • IA Tax Panel
    • IA Intermediary Panel
    • About IA

ANNOUNCEMENT: Read more financial articles on our partner site, click here to read more.

SIGN IN INTERNATIONAL ADVISER

Access full content on the International Adviser site, access your saved articles, control email preferences and amend your account details

[login-with-ajax]
Not Registered?

Old Mutual considering break-up options

By , 7 Mar 16

Speculation is growing that Old Mutual, the global financial services group, may be about to announce plans to break up its operations into four new units.

Speculation is growing that Old Mutual, the global financial services group, may be about to announce plans to break up its operations into four new units.

South African-based Old Mutual issued a statement to the London Stock Exchange on Monday in response to press reports about a break-up, confirming that it is reviewing all options.

“Old Mutual plc notes the press speculation on Saturday 5 March 2016. When our new chief executive Bruce Hemphill joined on 1 November 2015, we announced that we would be conducting a strategic review,” the company said.

“We can confirm that all options for the strategic review are being considered but no decision has yet been made.

“Old Mutual is due to announce its preliminary results for 2015 on 11 March 2016 and will provide an update on the strategic review at that time.”

“We can confirm that all options for the strategic review are being considered."

Over the weekend The Sunday Times newspaper said the buyout firms Cinvin and Warburg Pincus had tabled bids worth several billion pounds for Old Mutual Wealth.

Old Mutual shares rose as much on 12% on Monday morning in response to all the speculation and ended the morning up 7% to 192.9p at 12:00 GMT, valuing the company at £9.5bn ($13.45bn. €12.3bn).

Restructuring begun

Old Mutual International, which is part of Old Mutual Wealth, recently announced plans to cut back much of its regional operations in Asia in order to focus on two key markets of Hong Kong and Singapore.

Last month the parent company sold Rogge Global Partners, a London-based fixed income fund manager with £24bn under management, to Allianz.

The possible break-up of Old Mutual comes amid a period of unprecedented change among many major insurance companies as they grapple with the introduction of Solvency II rules and the need to boost flagging profitability in a period of low interest rates and investment returns.

Tags: Old Mutual

Share this article
Follow by Email
Facebook
fb-share-icon
X (Twitter)
Post on X
LinkedIn
Share

Related Stories

  • Companies

    Quilter Cheviot Europe acquires Irish investment advisory firm

    Companies

    RL360 agrees £1.95m settlement with Isle of Man regulator relating to AML procedures

  • M&A Deals

    Fidelius takes stake in IFA Vobis

    M&A Deals

    MAC Group acquires Thornton Chartered Financial Planners’ business


NEWSLETTER

Sign Up for International
Adviser Daily Newsletter

subscribe

  • View site map
  • Privacy Policy
  • Terms and Conditions
  • Contact

Published by Money Map Media – part of G&M Media Ltd Copyright (c) 2024.

International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.