View more on these topics

Old Mutual sells further stake in asset management arm

Old Mutual Wealth 2014Old Mutual has sold another tranche of shares in its asset management arm.

The group now has just a 5.5 per cent holding in Old Mutual Asset Management as it continues to break up its business.

Old Mutual had held a majority stake but halved this in March by selling $446m (£355m) worth of shares to HNA Capital US.

The second tranche sale, which completed on Friday, will see a further $251m (£192m) sold to HNA.

Old Mutual has also announced that group finance director Ingrid Johnson will step down from the OMAM board with immediate effect after an agreement with shareholders as part of the IPO for OMAM.

In September this year, the group decided to separate Old Mutual Global Investors’ multi-strategy investment team from its single strategy one, arguing that both were strong enough to survive on their own before Old Mutual completes its “managed separation” next year.

Advice business Old Mutual Wealth, Old Mutual Emerging Markets and Nedbank are due to be separated, with separate businesses listed on the London and Johannesburg stock exchanges, but the timeframe for the move remains uncertain.

Recommended

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg
3

Advice firm to compensate over tax issue

An advice firm must pay compensation following a complaint from a client who said he was “wrongly” advised to encash some investment bonds without having regard to the likely tax implications. According to a Financial Ombudsman Service decision, the firm, Prism Financial Advice, did not explain to the client that, as a higher rate taxpayer, […]

Bell-Andy-2017-CUT

Fears raised over platforms’ long-term future

Adviser platforms’ profitability remains the number one worry in the industry despite assets growing at a fast rate, according to AJ Bell chief executive Andy Bell. Speaking at the AJ Bell-hosted Investival conference in London today, the platform boss said platforms will continue to struggle to reach profitability, particularly those undergoing replatforming projects. He said: […]

4

Which financial services names have made the Rich List?

Peter Hargreaves has jumped to 42nd position on the Sunday Times Rich List, a climb of nine places from last year, after seeing his wealth grow £849m to £3.2bn. Hargreaves is no longer on the Hargreaves Lansdown board but has kept a 32.2 per cent stake in the company – the value of which has […]

Seeking quality in uncertain markets

By Ewan McAlpine, Senior Client Portfolio Manager In uncertain times, investors naturally seek safety. But in fixed income markets, what does that really mean? Ewan McAlpine outlines the approach RLAM’s Fixed Income Team will be adopting across its credit funds in response to potentially volatile markets this year. Click here for full article

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment