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Old Mutual profit up 1 pct, names new chairman for emerging markets business
March 9, 2017 / 7:39 AM / 6 months ago

Old Mutual profit up 1 pct, names new chairman for emerging markets business

LONDON, March 9 (Reuters) - 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 51 percent.

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 forecast.

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

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