The company said the decision to sell Old Mutual’s Latin America operations followed a strategic review, which concluded that Old Mutual Emerging Markets should prioritise its sub-Saharan African businesses.
William Baldwin-Charles, head of corporate affairs at Old Mutual, confirmed to International Adviser that the company will not have any operations left in LatAm after the sale completes.
The businesses being sold are:
- Old Mutual Colombia – a pensions, life insurance, mutual funds, and stock brokerage business;
- Old Mutual Mexico – a life insurance and mutual funds business; and,
- Aiva – an investment advisor and a distribution platform for independent financial advisers in Latin America.
Terms of the deal were not disclosed.
The proceeds from the sale, however, will be retained for general corporate purposes by Old Mutual Emerging Markets.
Old Mutual International
The sale will not impact the relationship between Old Mutual International and Aiva, an OMI spokesperson told IA.
“Old Mutual International has a long-standing relationship with Aiva and remains committed to developing its business in Latin America,” the spokesperson said.
“The distribution agreement in place between Aiva and Old Mutual International is not impacted and will continue into the future. There will be no disruption to any of the services Old Mutual International currently provides to Aiva, and it will be business as usual for advisers and customers.
“Old Mutual International will continue to fully support business through Aiva from its head office in the Isle of Man.”
Click through to the next page to read about the company acquiring Old Mutual’s LatAm businesses.