21st Jun 2007 08:00
Old Mutual PLC21 June 2007 Old Mutual Ref 35/07 21 June 2007 Skandia - Investor presentation Old Mutual plc ("Old Mutual"), the international savings and wealth managementgroup, will present a detailed overview of Skandia, Europe's leadingopen-architecture investment provider, to analysts and investors at 08.30a.m.today at Old Mutual Place, 2 Lambeth Hill, London EC4V 4GG. The presentation will outline progress at Skandia since its acquisition by OldMutual in February 2006 and prospects for the business going forward. Skandiahas identified a further £10 million of annualised revenue synergies in additionto its previous cost savings targets outlined on 20 June 2006 and it will alsoreconfirm financial targets for 2008. No other new financial information will bedisclosed. Skandia UK announces today the pricing structure for Selestia InvestmentSolutions, its new integrated investment platform. The new offering, whichbrings together the 'best of both' from Skandia MultiFunds and Selestia and willlaunch in July, is designed to cater for increasing customer demand for productaccess, choice and flexibility, and the growing trend of intermediaries offeringopen-architecture solutions. Together with its sister businesses, Skandia Lifeand Skandia International, it is the largest investment platform in the UK with£39 billion of assets under management. Julian Roberts, Chief Executive of Skandia and Old Mutual Executive Director forEurope, said: "Over the last 12 months we have worked hard to create a solid foundation fromwhich to drive sustainable value growth. Both the management team structure andthe operational framework are now in place, and we will further leverage theproduct and administration capability to drive operational efficiencies andrevenue opportunities. This has led us to outline a further £10 million inrevenue synergies on an annual basis. "As part of the continuing assessment of both market place and internalcapabilities, we are confident that we can grow funds under management at 15%per annum while increasing distributable profits. Achievement of this will bethrough a series of value-creating initiatives that aim to share the best of theSkandia and Old Mutual operating models. "Our core strength, however, remains understanding the needs of our customersand delivering outstanding service levels and access to funds. The launch ofSelestia Investment Solutions in the UK is a prime example of where acombination of product and market knowledge will deliver benefits for advisers,customers and, ultimately, shareholders." The full presentation will be available from 8.20 a.m. today on the Company'swebsite, www.oldmutual.com. For those unable to attend the presentation, aconference call facility is available, for which the details are listed below. Time: 8.30 a.m. UK time UK dial-in: 0500 10 16 30US dial-in: +1 877 491 0064SA dial-in: 0800 99 14 68Sweden dial-in: 0200 88 76 51 Conference title: Old Mutual Ends Enquiries Investor RelationsMalcolm Bell UK +44 (0)20 7002 7166Deward Serfontein SA +27 (0)21 509 8709 MediaJames Crampton UK +44 (0)20 7002 7133Nad Pillay SA + 27 (0)21 504 8026 About Skandia Skandia, a 99.1% subsidiary of Old Mutual plc, is one of the world's leadingindependent providers of quality solutions for long-term savings. Founded inSweden in 1855, Skandia currently operates in over 20 countries, with the UnitedKingdom and Sweden as its largest markets. Skandia UK focuses on long-term savings. It offers unit-linked investmentsthrough an open-architecture 'fund platform' enabling access to a wide range offunds from external managers as well as Skandia's own multi-manager fundsprovided by Skandia Investment Management. Skandia solutions are distributed viaindependent financial advisers only, targeting affluent customers. Investmentsin Skandia are unit-linked, backed by over 900 external funds selected byadvisers and their clients. With over a million customers and £39 billion undermanagement, Skandia is one of the fastest growing UK savings companies. Headquartered in Stockholm, Skandia Nordic, which principally comprises Skandiaand its mutual subsidiary, Skandia Liv, holds a leading position in the Swedishlife assurance market measured by new business, with a combined customer base of1.9 million customers. Skandia has been in the Swedish market for over 150 yearsand its business in Sweden offers a full set of financial products. It also hasa growing unit-linked and life business in Denmark, as well as healthcare. InNorway, it has a successful banking operation and offers healthcare products. Skandia Europe and Latin America has operations in 11 European countries(Germany, Austria, Italy, Spain, Switzerland, Liechtenstein, France, Poland,Portugal, the Czech Republic and Hungary) and three Latin American countries(Colombia, Mexico and Chile). The business focuses on being a market-leadingniche player by providing unit-linked and mutual products throughopen-architecture platforms. Further information and photos of management are available on www.skandia.com About Old Mutual Old Mutual plc is an international savings and wealth management company basedin the UK. Originating in South Africa in 1845, the group has a balancedportfolio of businesses offering asset management, life assurance, banking andgeneral insurance services in over 40 countries, primarily South Africa, Europeand the United States. Old Mutual is listed on the London, Johannesburg andStockholm stock exchanges, among others. In the year ended 31 December 2006, the group reported an increase in adjustedoperating profit of 16% to £1.4 billion (IFRS basis). Old Mutual had £249billion of funds under management at 31 March 2007, and 53,000 employees. For further information on Old Mutual plc, please visit its website atwww.oldmutual.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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