Few could have predicted that after the unbundling of Quilter from Old Mutual, the child would outshine the parent as much as it has. And anyone looking for a Covid-proof portfolio would have to give a high allocation to Quilter.As a UK wealth manager it has a well-heeled clientele in the fifth-largest wealth market in the world. It has a steady flow of annuity income from its £107bn client base, yet it has very little need for capital.Perhaps Old Mutual should consider a similar strategy to Quilter, selling its legacy life insurance book and its institutional asset manager, the Old Mutual Investment Group.Initially, the plan was that Quilter would drop its secondary listing on the JSE after about two years, once the shareholding was realigned. In theory, SA investors would want to accumulate Old Mutual and sell Quilter, and UK investors would want to dump their Mutual shares. I have no doubt that the UK shareholders have followed the script, but SA institutions are holding on to th...

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