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Old Mutual’s Sutcliffe misses out on 500k in share options

Old Mutual chief executive Jim Sutcliffe has lost out on over 500,000 of share options after the firm failed to meet a performance target that would trigger the bonus.

The bonus structure was based on Old Mutual’s London arm meeting an earnings per share target and its South African arm doing the same.

The failure of its South African arm to achieve its target cost Sutcliffe 593,581 shares at an exercise price of 95.25p, totalling over 565,000.

The success of Old Mut-ual’s UK arm in meeting its target means he still gets 593,581 shares and now has more than 2.6 million shares under the group’s incentive scheme which runs on a three-year rolling basis.

Old Mutual’s pre-tax profits almost doubled from 443m to 873m last year. Total life insurance sales on an annual premium equivalent rose by 3 per cent to 546m. The group’s funds under management rose by 12 per cent to 140bn from 125bn in 2003. Sutcliffe says the group has a 1bn warchest to make acquisitions.

He says: “These are strong results, with profits, earnings per share, assets under management and embedded value all increased.”

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