Cape Town - Old Mutual, South Africa's biggest financial services company, has embarked on a reorganisation and established a division to position the local business as a global provider of administration services for the group.
The company said deputy managing director Peter de Beyer would head the new division to bring together the administration elements of many of Old Mutual South Africa's businesses. The new division would house service, administration and technology functions that were split across each business unit, according to the group.
De Beyer will relinquish part of his current responsibilities to Paul Hanratty, the executive general manager of the individual life business, who will be promoted to deputy managing director with responsibility for retail products and distribution.
Old Mutual PFA, Broker Distribution, Private Wealth (including Fairbairn Capital and Old Mutual Unit Trusts) and Individual Life would report to Hanratty in respect of their product development, marketing and distribution functions.
Managing director Roddy Sparks said the aim was to "elevate administration to a core competency", which would enable the group to position Old Mutual South Africa to provide cost-effective administration locally for its global operations.
"It's part of our strategy and part of good business sense to import third-party administration work into South Africa. We are optimally positioned both geographically and economically to provide effective administrative solutions. This new structure helps us gear up our capability in this regard," Sparks said.
Hanratty, a qualified actuary, joined Old Mutual in 1984. He will sit on the Old Mutual Life Assurance Company board and the Old Mutual South Africa board. Peter Moyo, the company's other deputy managing director, would retain his portfolio.
Key roleplayers in the service, technology and administration areas from across Old Mutual would now report to De Beyer, including Jerry van Niekerk of Old Mutual client services, Vic Lumby, the chief information officer, Stan Leslie of project synergy, Theo Nkone from personal finance service and operations, Dion Williamson of international outsource development and Edna Charalambides from Old Mutual unit trust administration.
The share lost 15c to R10.85.
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