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Old Mutual continues separation as Nedbank splits

Old Mutual will unbundle its majority shareholding in Nedbank on October 15, the firm announced in a statement this morning.

The group currently holds approximately 52 per cent of Nedbank, and it plans to lower its stake to a 19.9 per cent minority interest once unbundling is completed.

Old Mutual plc, the parent company of Quilter, formally Old Mutual Wealth, which has also split from the group, remains listed on the Johannesburg Securities Exchange.

Shareholders will receive 3.21176 Nedbank shares for every 100 Old Mutual shares they hold. The total value of distribution will be 43.2bn rands (£2.3bn) based on the price of Nedbank’s shares on Johannesburg’s exchange.

The future of Old Mutual: Will a breakup be hard to bear?

Nedbank’s unbundling is the final step of Old Mutual’s “managed separation” announced in 2016.

The Old Mutual board says it believes that the division allows investors to participate in “substantially different investment cases”, “provides a substantial return of capital to Old Mutual shareholders” and “supports the efficient allocation of capital and underpins mutually beneficial arm’s length commercial arrangements.”


Consolidator continues acquisition spree with £1.6m deal

IFA consolidator AFH has bought the client bank of Salisbury-based firm Emery Little for a maximum price of £1.6m After the deal, Derek Gibbons will join AFH as an adviser while Brian Little will retire with his clients moving to AFH. AFH will initially pay £870,000 with the remaining sum paid over 26 months, subject […]


Standard Life Aberdeen begins share buyback after Phoenix deal

Standard Life Aberdeen has begun buying back shares from investors after selling its life arm to Phoenix. According to a stock exchange announcement this morning, SLA has purchased nearly 770,000 ordinary shares from Merrill Lynch International at an average price of 318p a share, costing SLA around £245m. The announcement adds that SLA intends to […]


Infrastructure investment: opportunities and challenges

Michael Howard, Head of Alternative Investments at Prudential Portfolio Management Group (PPMG), discusses the opportunities presented by infrastructure investment. Infrastructure investment has gained in popularity over recent decades as more investors have sought diversification, stable long-term income streams and an element of inflation protection. Infrastructure is extremely diverse but in essence refers to assets that […]


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