Old Mutual

Old Mutual is an international investment, savings, insurance, and banking group originally established in 1845 in South Africa.

In June 2016, Old Mutual set out some detail on its plans to carve up the business, with Old Mutual Wealth separated out through a demerger. Old Mutual said it has progressed with its stated aim to split the business into four parts: Old Mutual Wealth; South African lender Nedbank; the South African Old Mutual Emerging Markets business; and its US institutional asset management arm Old Mutual Asset Management. Plans were also announced for the Wealth division to float on the London and Johannesburg stock exchanges. In September 2017, Old Mutual Wealth chief executive Paul Feeney said much of the work involved in separating out the wealth business was complete.

Old Mutual completed the sale of Old Mutual Wealth Italy to Phlavia Investimenti, owned by international private equity firm Cinven, in January 2017, meaning the firm had offloaded the Continental European arm of Old Mutual Wealth. The transaction, which was announced on 9 August 2016, was to allow Old Mutual to focus on its core UK and cross border markets.

In March 2017 Old Mutual Wealth announced it was establishing a Birmingham advice business through the acquisition of Premier Planning and Premier Wealth. The deal came under Old Mutual Wealth Private Client Advisers, the company’s own branded financial planning arm, adding more than £170m in assets under advice. Old Mutual Wealth acquired Intrinsic in 2014, and Caerus in 2017.

Old Mutual Wealth reported increased funds under management in a third quarter financial update in October 2017. Old Mutual Global Investors saw funds under management as at 30 September increase to £39.8bn (2016: £29.3bn). The UK platform’s FUM for the same period was £47.6bn (2016: £39.7bn).

Chief executive Paul Feeney said in September 2017 that his vision for the business was one of “controlled advice”: “What I have said previously is Intrinsic’s strategy is to be the number one ‘controlled advice business’. Not ‘controlled distribution’. If you think about it, for most parts of a business you would want control: control over marketing spend, over products and proposition, pricing, and distribution. But looking back over the years, one of the issues is some of those big networks and advisers have not been particularly controlled. That doesn’t help anybody.”