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Old Mutual to split chief executive and chairman

Australian financial services group Old Mutual is set to split the roles of its chief executive and chairman in response to pressure from institutional investors.

Mike Levitt, who has held both positions since the group demutualised and floated on the London Stock Exchange in 1999, will remain non-executive chairman. Jim Sutcliffe, who currently runs Old Mutual&#39s life insurance businesses will become chief executive.

Old Mutual has a retail fund management arm in the UK and is soon to relaunch its presence in the life and pensions markets.

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