Hilary Joffe Editor-at-large
Old Mutual. Picture: BLOOMBERG/SIMON DAWSON
Old Mutual. Picture: BLOOMBERG/SIMON DAWSON

Old Mutual’s managed separation process will incur one-off costs of as much as £230m, but the group estimates that the benefits to shareholders could reach more than £2bn.

The group said on Thursday that it was on track to meet its end 2018 deadline to complete the break-up of the group, which it announced a year ago.

This came as London-listed Old Mutual announced a 1% increase in adjusted operating profit to £1.67bn, slightly ahead of market expectations.

The managed separation process will see the group break up into its four main businesses, with Old Mutual’s South African-based emerging markets business and its London-based wealth management business listed separately, while it sells down its stake in its US asset-management business and unbundles its controlling stake in Nedbank to investors.

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