7th Mar 2016 07:12
LONDON (Alliance News) - Old Mutual PLC said Monday that "all options" are being considered for its strategic review but no decision has yet been made, in response to a report from Sky News that the company is planning a break up of its operations.
Sky News reported over the weekend that the Anglo-South African financial services group is planning to split into four standalone units. This would comprise its stake in South African lender Nedbank, its UK-focused wealth management unit, its South Africa-based emerging markets operation, and its institutional asset management business.
According to the report, private equity firms Cinven and Warburg Pincus are already understood to have a tabled a joint bid to buy the wealth unit, which includes the Old Mutual Global Investors and Quilter Cheviot units.
FTSE 100-listed Old Mutual noted the press speculation Monday, and reiterated that when its new Chief Executive Bruce Hemphill joined at the beginning of November, it had said it would be conducting a strategic review.
It will provide an update on this review with its 2015 results, which it will release Friday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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