Hilary Joffe Columnist

The CEO of Quilter, Paul Feeney, was in town this week on an investor road show ahead of the listing of his company on the London and Johannesburg stock exchanges next week. For those who have missed the complexities of Old Mutual’s managed separation process, Quilter is the UK wealth management company that has emerged from that process. Its story captures some of the key reasons why the group had to undertake that complex, two-year-long separation process, as well as some of the far-reaching changes that have been required to make it happen. One key element is the question of who holds which shares. London-listed Old Mutual plc ended up as an uncomfortable mix of developed market wealth management and life businesses and emerging market financial services businesses, the largest of which are in SA. Its shareholders are more than 50% South African, mainly active fund managers, though they also include about 450,000 small South African retail investors, holding under 1% of the share...

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