LAST month, Old Mutual announced the re-engineering of a major part of its business, resulting in the launch of Old Mutual Wealth. The new entity is the consolidation of seven separate businesses and some investment consulting resources from within the group. Old Mutual Wealth is, CEO Andrew Bradley said at the launch, “an advice-led, wealth-management business”. Moreover, although other divisions of Old Mutual will continue to offer the commission-based approach to their products in other markets, Old Mutual Wealth has replaced the traditional commission-based model with a fee-based system.This news came shortly after Old Mutual purchased a controlling share in Kenyan microfinance company Faulu Kenya, as part of the organisation’s expansion into Africa. The most recent development in this regard was the acquisition earlier this month of a majority stake in Ghana’s Provident Life Assurance Company. This means Old Mutual is now active in Botswana, Ghana, Kenya, Namibia, Nigeria, Mala...
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