|Founded||May 17, 1845
(Cape Town, Cape Colony)
|Patrick O'Sullivan, Chairman
Bruce Hemphill, Group CEO
Savings and investment
|Revenue||£13,695 million (2015)|
|£1,319 million (2015)|
|£924 million (2015)|
Number of employees
Old Mutual plc is an international investment, savings, insurance, and banking group. Established in 1845 in South Africa, it had more than 16 million customers and £303.8 billion assets under management as at 31 December 2015. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
The company was founded 1845 as a mutual insurance company by John Fairbairn, together with several other prominent Cape Town figures such as the liberal politician Saul Solomon. The original name The Mutual Life Assurance Society of the Cape of Good Hope was changed to The South Africa Mutual Life Assurance Society in 1885.
In 1939, the Old Mutual art deco office opened in Darling Street as the Mutual Building (or, Mutual Gebou in Afrikaans) which has since been converted to residential use and known as "Mutual Heights". In 1956 Old Mutual relocated its Head Office to Mutualpark in Pinelands which was the largest office block in the southern hemisphere at the time.
In 1970, Old Mutual acquired a major shareholding in the newly formed Mutual & Federal, and later acquiring the remaining shares in 2010.
In 2000, it bought the Gerrard Group, a financial services concern, for $857 million. Capel-Cure Sharp subsequently merged with Greig Middleton, Gerrard Group's private client business. Old Mutual sold Gerrard to Barclays Bank PLC in 2003.
Later in 2000 Old Mutual purchased United Asset Management, based in Boston, for US$1.46 billion in cash and assumed ownership of UAM net debt of around US$769 million, thus acquiring a large and diverse US-based asset manager. Among the holdings of UAM were the PBHG Funds of Pilgrim Baxter & Associates. In 2003, PBA was one of many companies who faced charges related to market timing brought by the U.S. Securities and Exchange Commission (SEC) and the Attorney General of New York. Ultimately, the PBHG Funds (which had been renamed Liberty Ridge) were absorbed into the Old Mutual Funds group.
In 2005, Mike Levett retired as Chairman and was succeeded by Christopher Collins. A Black Economic Empowerment deal was introduced at Old Mutual South Africa, Nedbank and Mutual & Federal in 2005.
In 2006, Old Mutual acquired the Swedish insurer, Skandia, in a $6.5 billion deal, bringing additional business in the United Kingdom, several other countries in Europe, in Latin America, the Far East and Australia (which Old Mutual has since exited). Old Mutual also announced its Black Economic Empowerment deal in Namibia.
In 2012, Old Mutual sold its Nordic operations to Skandia Liv for £2.1 billion.
In 2014 Skandia Colombia renamed to Old Mutual Colombia, Provident Life Assurance renamed to Old Mutual Ghana and Skandia UK renamed to Old Mutual Wealth. Later in 2014, Old Mutual Wealth sold Skandia Germany, Skandia Austria and Skandia Poland.
Old Mutual Emerging Markets
Old Mutual South Africa, Old Mutual Investment Group, Old Mutual Wealth (South Africa), China, Colombia, Ghana, India, Kenya, Malawi, Mexico, Namibia, Nigeria, Swaziland, Uruguay and Zimbabwe
Old Mutual Wealth
UK, Italy, South Africa, Old Mutual International and Old Mutual Global Investors
- Nedbank (53% owned) is one of the four largest banking groups in South Africa.
- Nedbank Private Wealth (South Africa) provides wealth management for individuals, families, trusts and non-profit organisations.
- Nedbank Private Wealth (International) provides private banking, investment management and fiduciary services to a wide range of clients.
Property & Casualty
- Mutual & Federal – provides insurance services in South Africa to the personal, commercial and corporate markets.
- iWYZE is a collaboration between Mutual & Federal and Old Mutual. It enables Old Mutual to offer a new product to its customer base.
- RM Insurance Company (Zimbabwe)
Institutional Asset Management
Operates a multi-boutique model offering institutional clients access to a range of entrepreneurial asset managers. Affiliates include Acadian Asset Management.
The offshore life business in Bermuda, which is now closed to new business. Austria, Germany and Switzerland are also closed to new business.
Old Mutual formerly owned businesses in Australia, Austria, Chile, Germany, Hong Kong and Portugal before exiting those markets.
The Group Executive Committee meets regularly to address strategic issues, to review the Group's progress against its business plan for the year and to discuss other high-level matters affecting the Group's performance or prospects.
The members are:
- Bruce Hemphill, Group Chief Executive, Old Mutual Group
- Ingrid Johnson, Group Finance Director, Old Mutual Group
- Peter Bain, President and Chief Executive Officer, Institutional Asset Management (US)
- Paul Feeney, Chief Executive Officer, Old Mutual Wealth
- Mike Brown, Chief Executive, Nedbank Group
- Ian Gladman, Group Strategy Director, Old Mutual Group
- Paul Hanratty, Chief Operating Officer, Old Mutual Group
- Sue Kean, Group Risk Officer, Old Mutual Group
- Gail Klintworth, Group Customer Director and Responsible Business Lead, Old Mutual Group
- Ralph Mupita, Chief Executive Officer, Emerging Markets
- Don Schneider, Group Human Resources Director, Old Mutual Group
Old Mutual and its subsidiaries, like Old Mutual Wealth, Nedbank and Mutual & Federal, are involved in a number of sponsorships. Some of the Group's key sponsorships from around the world are:
- The Old Mutual Two Oceans Marathon (South Africa)
- The Old Mutual National Choir Festival (South Africa)
- The Old Mutual joBerg2c (South Africa)
- The Nedbank Old Mutual Budget Speech Competition (South Africa)
- The Nedbank Golf Challenge (South Africa)
- The Nedbank Cup (South Africa)
- The South African Paralympic team
- Your Horizon, in partnership with Young Enterprise (United Kingdom)
- Old Mutual US sponsors Trevor Immelman, a South African Golfer
Old Mutual South Africa awards a number of bursaries every year for exceptional actuarial students at South African universities. It also offers part-qualified actuarial employees study leave before actuarial exams. Actuarial students are also typically awarded salary increases following exam passes. Although generous, these bursaries are accompanied by onerous financial conditions. As of 2012, a typical bursary will require a student, upon graduating, to enter an employment contract with Old Mutual for at least 6 years.
Old Mutual Group released their first annual Responsible Business Report in 2010, alongside their Annual Report and Accounts. The report covers the progress the Group has made against their five pillar framework of Responsible Business - Customers, Responsible Investment, Employees, Communities and Environmental Management.
Old Mutual participates in the United Nations Global Compact (UNGC), Johannesburg Stock Exchanges’ Socially Responsible Investment Index (JSE SRI) and FTSE4Good as well as the Carbon Disclosure Project. In 2012, Old Mutual joined the United Nations-backed Principles for Responsible Investment (PRI), and, in October 2013, sponsored the seventh annual 'PRI in Person' conference, held in Cape Town.
During 2014, Old Mutual began a partnership with the Cambridge Institute of Sustainability Leadership to identify the areas where the Group can make the most material impact, culminating in the launch of the Positive Futures Plan which highlighted the focus going forward on financial wellbeing and responsible investment. In 2015, Old Mutual joined the Investment Leaders Group, focusing on directing capital towards sustainable economic development.
The Old Mutual Group Head Office is located at 5th Floor, Millennium Bridge House, 2 Lambeth Hill, London EC4V 4GG.
Main office locations of subsidiaries include:
- Mutual & Federal: Mutual & Federal Building, 75 President Street, Johannesburg, 2001, South Africa
- Nedbank: 135 Rivonia Road, Sandown, 2196, South Africa
- Old Mutual Asset Management (US): 200 Clarendon Street, 53rd Floor, Boston, United States of America
- Old Mutual Colombia: Avenida 19 No 109 A - 30, Bogotá D.C., Colombia
- Old Mutual Ghana: Provident Towers, Ring Road Central, Accra-North, Ghana
- UAP-Old Mutual Group Kenya: Corner of Mara Road and Hospital Road, Upper Hill, Nairobi, Kenya
- Old Mutual Malawi: Old Mutual Building, 30 Glyn Jones Road, Blantyre, Malawi
- Old Mutual Mexico: 162 Plum Forest, Bosques de las Lomas, 11700, Mexico
- Old Mutual Namibia: Mutual Tower, 223 Independence Ave, Windhoek, Namibia
- Old Mutual Nigeria: 2nd Floor, Ecobank Head Office, Plot 21, Ahmadu Bello Way, Victoria Island, Lagos, Nigeria
- Old Mutual South Africa:
- Old Mutual Swaziland: 4th Floor Public Services Pension Fund Building, Mhlambanyatsi Road, Mbabane, Swaziland
- Old Mutual Wealth Italy: Old Mutual Wealth Italy S.p.A., via Fatebenefratelli, 3, 20121 Milano
- Old Mutual Wealth United Kingdom: Old Mutual House, Portland Terrace, Southampton, SO14 7EJ, United Kingdom
- Old Mutual Zimbabwe: 100 The Chase West, Emerald Hill, Harare, Zimbabwe
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- Curtain to close on Liberty Ridge Capital Morningstar Advisor, 24 November 2008
- Old Mutual seals deal for Skandia BBC News, 26 January 2006
- Harbinger Capital Buys Old Mutual's U.S. Life Operations for $350 Million Bloomberg, 6 August 2010
- Old Mutual to Sell Nordic Operations to Skandia Liv for $3.25 Billion Bloomberg, 15 December 2011
- Old Mutual Buys Out Ghana Insurance Firm Business Today, 5 September 2013
- Old Mutual plans to acquire Nigerian firm Fin 24, 22 February 2012
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- "Company Responses". cdproject.net. Retrieved 4 October 2013.
- "Signatories to the Principles for Responsible Investment". unpri.org. Retrieved 4 October 2013.
- "Old Mutual sponsors first PRI in Person conference on African soil". moneymarketing.co.za. Retrieved 4 October 2013.
- "Old Mutual Group – a strategy for responsible business". cisl.cam.ac.uk. Retrieved 28 October 2015.
- "Old Mutual becomes the Investment Leaders Group's newest member". cisl.cam.ac.uk. Retrieved 28 October 2015.
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