Old Mutual considering options amid break-up report

Old Mutual considering options amid break-up report

Old Mutual has insisted “no decision yet” has been made on whether it will sell Old Mutual Wealth.

At the weekend it was reported Old Mutual Wealth has received a takeover approach from private equity firms.

Today (7 March) the firm confirmed all options for the strategic review are being considered but no decision has yet been made.

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The firm’s statement added when its new chief executive Bruce Hemphill joined on 1 November 2015, it announced it would be conducting a strategic review.

Old Mutual will provide an update on the strategic review on Friday (11 March) when it is due to announce its preliminary results for 2015.

Back in October, Old Mutual Wealth and Intrinsic announced the launch of a national advice business, Old Mutual Wealth Private Client Advisers, to be headed up by Nigel Speirs, who joined Intrinsic from Sanlam earlier this year.

It confirmed Old Mutual Wealth Private Client Advisers will “build a national advice offering” over the next five years through 10 regional offices, employing approximately 250 qualified advisers.

The plan is to grow the business through client bank acquisitions and strategic partnerships.

The new business will be an appointed representative of Intrinsic and will draw upon the investment capabilities of Quilter Cheviot and Old Mutual Global Investors.