WEALTH MANAGEMENT
Old Mutual split on display at showcase
Question marks are hovering over the final shape of Old Mutual Wealth — which is rebranding and heading to the JSE and London Stock Exchange as Quilter plc in 2018 — as parent Old Mutual failed to settle questions about a large chunk of its business at an investor showcase on Wednesday. The insurer appeared to confirm a split within its wealth subsidiary Old Mutual Global Investors (OMGI), when the single-strategy business, which managed £23.5bn in assets by the end of June and is led by superstar fund manager Richard Buxton, was left out of the showcase. Instead, Old Mutual Wealth presented OMGI’s multi-asset business, which it now calls Old Mutual Wealth Investors and which manages assets worth £14.3bn. It also showcased its range of advice and wealth management proposition, with a collective £101.8bn in assets under advice. Old Mutual said it was exploring "internal and external structures" to develop Buxton’s business further and could not say if it would be part of the listed O...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.