LONDON, March 9 Anglo-South African financial
services group Old Mutual reported a slightly
above-forecast 2016 adjusted operating profit of 1.67 billion
pounds on Thursday, up 1 percent from a year earlier, as it
prepares to slice itself into four parts.
Old Mutual says regulatory change has made it too complex to
run the disparate group in its current form.
It has said it plans to dual-list its UK asset management
and African emerging markets businesses in London and
Johannesburg and cut stakes in its U.S. asset management unit
and South Africa's Nedbank. It has already
started selling its stake in OM Asset Management (OMAM) down to
It has also said it is open to offers for its businesses.
Adjusted operating profit rose 1 percent in constant
currency terms to 1.67 billion pounds, helped by a focus on
costs in a volatile political and economic environment, compared
with 1.61 billion pounds in a company-supplied consensus
The company said it appointed former South African finance
minister Trevor Manuel as chairman of its emerging markets
business, following a review.
It said it would pay a final dividend of 3.39 pence and
total dividend of 6.06 pence, down 32 percent from a year ago.
(Reporting by Carolyn Cohn. Editing by Jane Merriman)