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As Old Mutual reports its full year results, they have announced that, following a strategic review of its business, it has decided that the long-term interests of the Group’s shareholders and other stakeholders will be best served by Old Mutual separating the four businesses – Old Mutual Emerging Markets, Nedbank, Old Mutual Wealth and OM Asset Management (US) – from each other. These four businesses have benefitted from significant investment and each now has strong growth prospects in sizeable markets, with excellent competitive positions, strong balance sheets and rigorous governance. |
The managed separation of the Group will be effected in a manner that maximises value to shareholders over time, Nedbank and OM Asset Management (US) are already publicly traded and the managed separation may involve equity market activity for Old Mutual Wealth and Old Mutual Emerging Markets as well. Paul Feeney, chief executive of Old Mutual Wealth, comments:“Old Mutual plc’s announcement today is a great endorsement of our successful business strategy. We have a very exciting future ahead of us. “By putting client needs at the heart of our business strategy, Old Mutual Wealth has transformed from a standalone platform into an award-winning, next generation wealth management business. Beating the objectives we set three years ago, our company has delivered outstanding results for 2015 despite being faced with some of the most difficult global stock markets I have ever seen. By outperforming many of our peers in the industry in 2015, we have kept the promises we made in 2012 to create a new force in wealth management. “We have solid foundations in place to support the next stage of our journey. Our aim is to be a changemaker, creating prosperity for today’s generation and those of tomorrow. We will continue to grow by being close to our clients, true to our values and supportive of our communities. Our vertically integrated business strategy is now delivering results for our customers and shareholders. It is this strategy which truly differentiates us from our industry peers.” |
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