| Tue 24 Jan 2012, 9:00 | | OML - Old Mutual Plc - Old Mutual Wealth Management and Retail Europe update |
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OML
OLOML
OML - Old Mutual Plc - Old Mutual Wealth Management and Retail Europe update
OLD MUTUAL PLC
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
Ref 6/12
24 January 2012
Old Mutual Wealth Management and Retail Europe update
Old Mutual today announces that it will be combining its Wealth Management
Continental Europe business (France and Italy) with the Skandia Retail Europe
business unit (Germany, Austria, Poland and Switzerland).
This follows a strategic review of the businesses due to macro-economic and
regulatory developments in the European long-term savings and investment markets
and changes in customer preferences.
Paul Hanratty, Chief Executive of Old Mutual`s Long-Term Savings business, said:
"We concluded that the affluent long-term savings and investment market in
Europe is attractive for Old Mutual. As a result, we have decided to combine the
Wealth Management Continental Europe business and the Skandia Retail Europe
business to create Wealth Management Europe."
Hein Donders has been appointed CEO of the new business unit, which will sit
within Old Mutual Wealth Management, with immediate effect. Jonas Jonsson,
currently CEO of Retail Europe, will work with Hein for several months to
establish the new business unit, before assuming a new strategic role within Old
Mutual.
Ends
Enquiries
External Communications / Investor Relations
Patrick Bowes +44 (0)20 7002
7440
Media
William Baldwin- +44 (0)20 7002
Charles 7133
Sponsor:
Merrill Lynch SA (Pty) Limited
Notes to Editors
Old Mutual
Old Mutual is an international long-term savings, protection and investment
Group. Originating in South Africa in 1845, the Group provides life assurance,
asset management, banking and general insurance to more than 15 million
customers in Europe, the Americas, Africa and Asia. Old Mutual is listed on the
London Stock Exchange and the Johannesburg Stock Exchange, among others.
In the year ended 31 December 2010, the Group reported adjusted operating profit
before tax of GBP1.5 billion (on an IFRS basis) and had GBP309 billion of funds
under management from core operations, and shareholders` equity of GBP9.0
billion.
For further information on Old Mutual plc, please visit the corporate website at
www.oldmutual.com
Date: 24/01/2012 09:00:01 Produced by the JSE SENS Department.
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