SEPARATION OF BUSINESSES
Old Mutual’s local shareholders to gain access to £1-trillion retail wealth market
Old Mutual’s South African shareholders will soon gain exposure to the UK’s £1-trillion retail wealth market on the listing of Old Mutual Wealth, one of the region’s largest wealth management companies. The unit will list on the London Stock Exchange, with a secondary listing on the JSE, following the release of Old Mutual plc’s annual results in March and in order to complete the group’s managed separation. As part of the break-up, Old Mutual Emerging Markets, renamed Old Mutual Ltd, will list on the JSE with a secondary listing in London. Old Mutual plc shareholders would automatically receive shares in each of Old Mutual Ltd and the rebranded Old Mutual Wealth, which would lose the Old Mutual name, said CEO of the wealth unit, Paul Feeney. Feeney was in SA last week to meet Old Mutual shareholders, more than half of whom are South African institutional and retail investors. The listing was a great opportunity for local investors to get exposure to the UK’s booming wealth market, ...
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