Old Mutual is to separate its four main businesses - Old Mutual Emerging Markets, Old Mutual Wealth, Nedbank Group and OM Asset Management in the US, following the conclusion of a strategic review.
The firm said the managed separation of the group will be handled with the view to maximise shareholder value over time. The breakup is expected to complete by 2018. Nedbank and US-based OM Asset Management are already publicly traded, and the managed separation "may involve equity market activity" for Old Mutual Wealth and Old Mutual Emerging Markets as well, the firm said. Old Mutual Wealth chief executive Paul Feeney (pictured) said: "Old Mutual's announcement today is a great endorsement of our successful business strategy. We have a very exciting future ahead of us. "By putti...
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