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Old Mutual plc
Type Public (LSE: OML, JSE: OML)
Founded 1845
Headquarters London, England, UK
Key people Patrick O'Sullivan, Chairman
Julian Roberts, Group CEO
Industry Insurance, banking and asset management
Revenue £3,820 million (2009)[1]
Operating income £247 million (2009)[1]
Net income £(118) million (2009)[1]
Employees 57,000
Website www.oldmutual.com

Old Mutual plc (LSE: OML, JSE: OML) is an international long-term savings group. Established in 1845 in South Africa, it is now a FTSE100 listed company operating in 35 countries.[2]

Contents

History

The company was founded by John Fairbairn as a mutual insurance company in 1845 under the name of The Mutual Life Assurance Society of the Cape of Good Hope.[3]

John Fairbairn (educator), Founder and first Chairman

In 1939 the Old Mutual art deco office opened in Darling Street, Cape Town.[3] In 1970 Old Mutual acquired a major shareholding in the newly formed Mutual & Federal and in 1973 acquired shareholdings in Nedcor Bank.[3]

In 1997 and 1998 it acquired UK stockbrokers Capel-Cure Myres and Albert E. Sharpe respectively.[3]

In 1999 it was demutualised and the company listed on the London, Johannesburg, Zimbabwe, Malawi and Namibian Stock Exchanges.[3]

In 2000 it bought the Gerrard Group, a financial services concern, for $857m.[4] Later that year it purchased United Asset Management, based in Boston, for US$1.46 billion in cash and assumed UAM net debt of around US$769 million,[5] thus acquiring a large and diverse US-based asset manager. Among the holdings of UAM were the PBHG Funds of Pilgrim Baxter & Associates. In 2003, PBA was one of many companies who faced charges related to market timing brought by the U.S. Securities and Exchange Commission (SEC) and the Attorney General of New York. Ultimately, the PBHG Funds (which had been renamed Liberty Ridge) were absorbed into the Old Mutual Funds group.[6]

In 2005, Mike Levett retired as Chairman and was succeeded by Christopher Collins.[3] A Black Economic Empowerment deal was introduced at Old Mutual South Africa, Nedbank and Mutual & Federal in 2005.[3]

In 2006 Old Mutual acquired the Swedish insurer, Skandia, in a $6.5bn deal, bringing additional business in the United Kingdom, several other countries in Europe, in Latin America, the Far East and Australia.[7]

In 2010, Patrick O'Sullivan became Chairman of Old Mutual plc, succeeding Christopher Collins.[3]

Operations

Old Mutual Head Office in London.

The Company has major assets in the United Kingdom and in the United States, where the majority of its funds under management were located before the Skandia deal took place. Its South African holdings include Nedbank Group Ltd. (formerly known as Nedcor), South Africa's fourth largest banking group and Mutual & Federal - the second largest property and casualty insurer in South Africa. It also has minor operations in Namibia, Kenya, Malawi, Swaziland and Zimbabwe.

Senior management

The Chief Executive, Group Finance Director and seven other members make up the Group Executive. The Committee meets regularly to address strategic issues, to review the group's progress against its business plan for the year and to discuss other high-level matters affecting the Group's performance or prospects.[8]

The members are:

Julian Roberts, Group Chief Executive Old Mutual plc[8]
Philip Broadley, Group Finance Director Old Mutual plc[8]
Andrew Birrell, Head of Risk and Actuarial Old Mutual plc[8]
Mike Brown, Chief Executive Nedbank Group[8]
Paul Hanratty, Chief Executive Officer, Long-Term Savings Old Mutual plc and Chairman Old Mutual South Africa[8]
Don Hope, Head of Strategy Development Old Mutual plc[8]
Paul Maddox, Head of Strategic Implementation Old Mutual plc[8]
Don Schneider, Group Human Resources Director Old Mutual plc[8]
Thomas Turpin, President and Chief Executive Office Old Mutual Asset Management (US)[8]

Sponsorships

Old Mutual and its subsidiaries, like Skandia and Nedbank, are involved in a number of sponsorships. Some of Old Mutual's key sponsorships from around the world are: the Old Mutual Two Oceans Marathon (South Africa), the Old Mutual National Choir Festival (South Africa) and the Nedbank Golf Challenge (South Africa).[9] Skandia sponsors the British Sailing team and Old Mutual US sponsors Trevor Immelman, a South African Golfer.[9]

References

See also

External links

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