Old Mutual

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Old Mutual plc
Public company
Traded as
Industry Financial services
Founded May 17, 1845; 172 years ago (1845-05-17)
(Cape Town, Cape Colony)
Headquarters London, England
Key people
Patrick O'Sullivan, Chairman
Bruce Hemphill, Group CEO
Products Life insurance
Savings and investment
Asset management
Short-term insurance
Revenue £18,696 million (2016)[1]
£1,216 million (2016)[1]
£845 million (2016)[1]
Number of employees
64,000 (2017)[2]
Website www.oldmutual.com

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 of 31 December 2015.[2] It is listed on the London Stock Exchange and Johannesburg Stock Exchange and is a constituent of the FTSE 100 Index.


John Fairbairn, Founder and first Chairman

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.[3] 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.[4]

Original Old Mutual headquarters in Cape Town. The building now serves as residential accommodation.

In 1939, the Old Mutual art deco office opened in Darling Street as the Mutual Building (or, Mutual Gebou in Afrikaans)[4] 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.[4]

In 1970, Old Mutual acquired a major shareholding in the newly formed Mutual & Federal, and later acquiring the remaining shares in 2009.[5]

In 1973, Old Mutual acquired shareholdings in Nedcor Bank (renamed the Nedbank Group in 2005).[4]

In 1997 and 1998, the company acquired UK stockbrokers Capel-Cure Myers and Albert E. Sharp respectively which then merged to form Capel-Cure Sharp.[4]

In 1999, it was demutualised and the company listed on the London, Johannesburg, Zimbabwe, Malawi and Namibian Stock Exchanges as Old Mutual. Old Mutual establishes a head office in London.[4]

In 2000, it bought the Gerrard Group, a financial services concern, for $857 million.[6] Capel-Cure Sharp subsequently merged with Greig Middleton, Gerrard Group's private client business. Old Mutual sold Gerrard to Barclays Bank PLC in 2003.[4]

Old Mutual Head Office in London.

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,[7] 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.[8]

In 2005, Mike Levett retired as Chairman and was succeeded by Christopher Collins.[4] A Black Economic Empowerment deal was introduced at Old Mutual South Africa, Nedbank and Mutual & Federal in 2005.[4]

In 2006, Old Mutual acquired the Swedish insurer, Skandia, in a $6.5billion 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).[9] Old Mutual also announced its Black Economic Empowerment deal in Namibia.[4]

In 2010, Patrick O'Sullivan became chairman of Old Mutual, succeeding Christopher Collins.[4] That same year, HSBC backed away from its plan to acquire 70% of Nedbank, including Old Mutual's 53% shares.[10] In 2011, Old Mutual sold US Life to Harbinger Group Inc. for $350million.[11]

In 2012, Old Mutual sold its Nordic operations to Skandia Liv for £2.1 billion.[12]

In 2013, Old Mutual strengthened operations in Africa with the acquisition of Provident Life Assurance in Ghana[13] and Oceanic Life in Nigeria.[14]

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.[4]

In May 2015, Old Mutual celebrated 170 years of operation[4] and Bruce Hemphill became Group Chief Executive in November 2015.[15]

In March 2016, Old Mutual announced its intention to split its operations into four core companies to save on operating costs.[16] In August 2016, Old Mutual Investment Group signed a deal with the Nigeria Sovereign Investment Authority to invest $700 million in hospitality, retail, commercial sectors, and food security,[17] and sold its Italian wealth management arm to the ERGO Group for €278 million.[18]


  • Investment:
    • 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, South Africa, Old Mutual International and Old Mutual Global Investors
  • Nedbank:
    • Nedbank (53% owned): one of the four largest banking groups in South Africa.[2]
    • Nedbank Private Wealth: wealth management (South Africa).[19]
    • Nedbank Private Wealth: private banking, investment management and fiduciary services (international).[19]
  • Property & Casualty:
    • Mutual & Federal: insurance services (South Africa).[2]
    • iWYZE: collaboration between Mutual & Federal and Old Mutual. It enables Old Mutual to offer a new product to its customer base.[20]
    • RM Insurance Company (Zimbabwe)
  • Institutional Asset Management: multi-boutique model offering institutional clients access to a range of entrepreneurial asset managers. Affiliates include Acadian Asset Management.

Executive committee[edit]

The members of the executive committee are:[21]

  • 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
  • Sue Kean, Group Risk Officer, Old Mutual Group
  • Iain Williamson, Interim Chief Executive Officer, Emerging Markets


Nedbank Cup logo.png

Old Mutual and its subsidiaries are involved in a number of sponsorships worldwide:[22]


Old Mutual South Africa awards a number of bursaries every year for exceptional matriculants and 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.[23]

Responsible business[edit]

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.[24]

Old Mutual participates in the United Nations Global Compact (UNGC),[25] Johannesburg Stock Exchanges’ Socially Responsible Investment Index (JSE SRI)[26] and FTSE4Good[27] as well as the Carbon Disclosure Project.[28] In 2012, Old Mutual joined the United Nations-backed Principles for Responsible Investment (PRI),[29] and, in October 2013, sponsored the seventh annual 'PRI in Person' conference, held in Cape Town.[30]

During 2014, Old Mutual began a partnership with the Cambridge Institute of Sustainability Leadership[31] 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.[32]

See also[edit]


  1. ^ a b c "Preliminary Results 2016" (PDF). Retrieved 9 April 2017. 
  2. ^ a b c d "About us". Old Mutual. Retrieved 9 April 2017. 
  3. ^ "Business Times article". Sunday Times. Archived from the original on 4 April 2012. Retrieved 8 June 2012. 
  4. ^ a b c d e f g h i j k l m "Old Mutual History". Oldmutual.com. Retrieved 18 April 2011. 
  5. ^ "Old Mutual buys out M&F". Fin 24. 14 October 2009. Retrieved 9 April 2017. 
  6. ^ "Old Mutual reaches deal". New York Times. 19 January 2000. Retrieved 18 April 2011. 
  7. ^ "Old Mutual extends US reach". The Independent. UK. 20 June 2000. Retrieved 18 April 2011. 
  8. ^ Curtain to close on Liberty Ridge Capital Morningstar Advisor, 24 November 2008
  9. ^ Old Mutual seals deal for Skandia BBC News, 26 January 2006
  10. ^ Paul J Davies; Sharlene Goff (15 October 2010). "Old Mutual stunned as HSBC shuns Nedbank". Ft.com. Retrieved 28 September 2016. 
  11. ^ Harbinger Capital Buys Old Mutual's U.S. Life Operations for $350 Million Bloomberg, 6 August 2010
  12. ^ Old Mutual to Sell Nordic Operations to Skandia Liv for $3.25 Billion Bloomberg, 15 December 2011
  13. ^ Old Mutual Buys Out Ghana Insurance Firm Business Today, 5 September 2013
  14. ^ Old Mutual plans to acquire Nigerian firm Fin 24, 22 February 2012
  15. ^ "Old Mutual turns to African financial services veteran". FT. 15 April 2015. Retrieved 26 March 2016. 
  16. ^ "Old Mutual to split into four units". Bbc.com. 11 March 2016. Retrieved 28 September 2016. 
  17. ^ "Why Old Mutual is investing millions in Nigeria". Afrikonomics.com. 22 September 2016. Retrieved 28 September 2016. 
  18. ^ Marion Dakers (9 August 2016). "Old Mutual sells £238m Italian wealth arm as part of separation". Telegraph.co.uk. Retrieved 28 September 2016. 
  19. ^ a b "Old Mutual Structure". Oldmutual.com. Retrieved 31 July 2013. 
  20. ^ "Accessing insurance through different channels case study". Oldmutual.com. Retrieved 31 July 2013. 
  21. ^ "Old Mutual Group Executive". Oldmutual.com. Retrieved 18 April 2011. 
  22. ^ a b "Old Mutual Sponsorships". oldmutual.com. Retrieved 29 August 2012. 
  23. ^ "Old Mutual Learners' Scholarship Programme for South Africans, South Africa". Scholarship-positions.com. 30 July 2010. Retrieved 18 April 2011. 
  24. ^ "Enabling Positive Futures: Old Mutual publishes 2014 Responsible Business report". Ethical Performance. 31 March 2015. Retrieved 9 April 2017. 
  25. ^ "Communication on progress - Old Mutual". unglobalcompact.org. Retrieved 4 October 2013. [dead link]
  26. ^ "SRI Index Constituents for 2012". jse.co.za. Archived from the original on 4 October 2013. Retrieved 4 October 2013. 
  27. ^ "Affiliations". oldmutual.com. Retrieved 4 October 2013. 
  28. ^ "Company Responses". cdproject.net. Retrieved 4 October 2013. 
  29. ^ "Signatories to the Principles for Responsible Investment". unpri.org. Retrieved 4 October 2013. 
  30. ^ "Old Mutual sponsors first PRI in Person conference on African soil". moneymarketing.co.za. Retrieved 4 October 2013. 
  31. ^ "Old Mutual Group – a strategy for responsible business". cisl.cam.ac.uk. Retrieved 28 October 2015. 
  32. ^ "Old Mutual becomes the Investment Leaders Group's newest member". cisl.cam.ac.uk. Retrieved 28 October 2015. 

External links[edit]