A new generation of management is taking over at Old Mutual. Leading the charge is Karabo Morule, who at just 34 is responsible for its huge personal finance segment. Morule was appointed MD of the division a year ago. Morule is the first black female actuary to sit on the Old Mutual SA executive committee. When she matriculated from Roedean in 1999, with five distinctions, she was offered a bursary from Old Mutual and Eskom. But in the end it was financial services tycoon Ray Cadiz who funded her studies. Her actuarial qualifications would push her towards life insurance. Old Mutual demutualised in 1999 — which is also the year in which she matriculated. The group was on the brink of what looked like an exciting international expansion. But Morule resisted the traditional route of insurance valuations and joined JPMorgan, first in Johannesburg and later in London. When the market for securitised products fell after the global financial crisis, Morule felt it was time to come home. ...
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