Old Mutual Wealth Showcase

Released : 15/11/2017 07:00

RNS Number : 4885W
Old Mutual PLC
15 November 2017
 

Old Mutual plc

Ref 263/17

15 November 2017

Old Mutual Wealth showcase

Old Mutual plc ('Old Mutual') will be holding a showcase today, 15 November 2017, on its Old Mutual Wealth business.  The showcase will feature presentations and question and answer sessions from the management team, including Paul Feeney and Tim Tookey, Chief Executive Officer and Chief Financial Officer, respectively.

The programme will include an overview of the strategic direction and growth prospects of the business as well as presentations covering each of the divisions, followed by the financial highlights.  No material new financial information or operational targets will be announced.

The presentation will also cover the UK Platform transformation programme.  The expected timing of delivery and cost estimates, as previously announced, remain unchanged.

Old Mutual Wealth remains on track to list in 2018 at the earliest opportunity after Old Mutual's 2017 full year financial results.

The showcase will take place at the Old Mutual presentation suite in London and will start today at 12:30 GMT (14:30 South African time).  Representatives of the management team will be conducting investor meetings following the showcase in South Africa, the UK and the US.

Brand update

Old Mutual Wealth announces today that it will become Quilter plc upon separation from Old Mutual. Quilter traces its origins back to 1771. Old Mutual Wealth considers that Quilter is a brand that stands for quality for personal service and for dependability; values that remain at the heart of Old Mutual Wealth's business philosophy today. 

Re-segmentation

Old Mutual Wealth also announces the re-segmentation of the business into two divisions: 'Advice and Wealth Management' and 'Wealth Platforms'. The Advice and Wealth Management segment will include: Intrinsic, which will be rebranded to Quilter Financial Planning; the multi-asset business, which will become Quilter Investors and Quilter Cheviot which will retain its name.

The Wealth Platforms segment will include the UK Platform which will become Quilter Wealth Solutions and Old Mutual Wealth's International business which will become Quilter International. The Heritage life assurance business in this segment will become Quilter Life Assurance.

Old Mutual Wealth intends to rebrand the businesses within the segments over a period of approximately two years from separation from Old Mutual. There will be no immediate changes for customers.  

A re-presentation of historic financial disclosures on the new segmentation basis as well as reconciliations between the old and new segmentation are included in the presentation materials to be provided later today and will be on the Old Mutual website. This financial information is unaudited.

Ongoing review of part of Old Mutual Global Investors

Old Mutual Wealth and Old Mutual continue to assess, together with the management of Old Mutual Global Investors ('OMGI'), internal and external structures for the single strategy business to continue to develop it further.  OMGI management from the single strategy part of the business will not be presenting at today's conference and the disclosed consolidated unaudited financial information will exclude contributions from the single strategy business. 

Third quarter results

Old Mutual Wealth announced on 26 October 2017 net client cash flows for the nine months ended 30 September 2017 of £7.3 billion and funds under management at 30 September 2017 of £131.3 billion with these figures inclusive of the contribution from the single strategy business within OMGI. 

The full announcement can be accessed using the following link: www.oldmutualplc.com/media/news/view-news.jsp?news-id=32292

Old Mutual's next scheduled update will be in March 2018 when it is expected to publish its 2017 full year financial results.

 

Details of the webcast

A webcast of the presentations and Q&A will be broadcast live. Those wishing to participate in the call can register for the webcast on the company website: www.oldmutualplc.com, dial the following numbers and quote the pass-code 35890947#:

 

UK/International: +44 (0) 3333 000 804

US: +1 631 913 1422

South Africa: +27 216 724 118

 

Playback will be available for 30 days from 15 November 2017, using passcode 301207556# using the following numbers:

UK/International: +44 (0) 3333 000 819

US: +1 866 931 1566

South Africa: +27 216 724 123

 

Presentation documents are available to download today from 12:00 GMT (14:00 South African time) at: www.oldmutualplc.com .

Transcripts will be available from the Old Mutual website following the event. 

 

Enquiries:

 

External communications

Patrick Bowes                                                    +44 20 7002 7440

Investor relations

Dominic Lagan (Old Mutual plc)                            +44 20 7002 7190

John-Paul Crutchley (Old Mutual Wealth)              +44 20 7002 7016                                 

Kerry Adams-Strump (Old Mutual Wealth)             +44 20 7778 9637

 

Media

William Baldwin-Charles (Old Mutual plc)               +44 20 7002 7133

                                                                           +44 7834 524833

Vee Montebello (Old Mutual Wealth)                      +44 2077 789550

                                                                           +44 7872 665149

 

 

Notes to Editors:

About Old Mutual plc

Old Mutual plc is a holding company for several financial services companies. In March 2016, it announced a new strategy of managed separation entailing the separation of its underlying businesses into independently-listed, standalone entities.

The managed separation strategy seeks to preserve and release the value currently trapped within the group structure. The managed separation will be materially complete by the end of 2018.

OM Asset Management, a US based institutional asset manager, is now independent from Old Mutual. The remaining underlying businesses segmentally report as:

Old Mutual Emerging Markets: A South African based leading provider of financial services in sub-Saharan Africa.

Nedbank: One of South Africa's largest banks, with a 20% stake in pan-African Ecobank Transnational Inc.

Old Mutual Wealth: a leading, integrated, advice-led wealth management business focused on the UK upper and middle market.

For the year ended 31 December 2016, Old Mutual reported an adjusted operating profit before tax of £1.7 billion and had £395 billion of funds under management. For further information on Old Mutual plc and the underlying businesses, please visit the corporate website at www.oldmutualplc.com.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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