12:13 pm - Wednesday June 28, 2017

Old Mutual on track to complete its break-up

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Workers clean windows outside the Cape Town headquarters of Anglo-South African financial services company Old Mutual, March 7, 2016. REUTERS/Mike Hutchings
Workers clean windows outside the Cape Town headquarters of Anglo-South African financial services company Old Mutual, March 7, 2016. REUTERS/Mike Hutchings

LONDON (Reuters) – Anglo-South African financial services group Old Mutual is selling its 26 percent stake in an Indian insurance joint venture for 156 million pounds, as part of the group’s planned break-up into four parts.

Old Mutual sold the stake in Kotak Mahindra Old Mutual Life Insurance to its joint venture partner Kotak Mahindra Bank, Old Mutual said in a statement on Friday.

Old Mutual said last month it was on track to complete its break-up by the end of 2018, although improvements to IT systems at asset manager Old Mutual Wealth could take longer and cost more than expected.

The firm aims to list or sell its emerging markets business and is sharpening that division’s focus on sub-Saharan Africa. It has also put its Chinese joint venture stake up for sale, people with direct knowledge of the matter told Reuters earlier this month.

Old Mutual is also planning to list or sell Old Mutual Wealth, cut its stake in South Africa’s Nedbank and has already begun cutting its stake in U.S. firm Old Mutual Asset Management. 

Old Mutual Wealth reported its highest ever quarter for client inflows on Friday, and appointed non-executive director Tim Tookey as chief financial officer.

Old Mutual’s shares were up 0.26 percent at 196 pence at 0836 GMT, compared with a 0.22 percent fall in the FTSE 100 index ;FTSE;.

(Reporting by Carolyn Cohn; editing by Simon Jessop)

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