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Out with the Old

Old Mutual carve-up a question of when, not if

George Hay 

George Hay rOld Mutual's carve-up is a matter of when, not if. The UK-listed financials group, which confirmed on March 5 an ongoing strategic review would explore all options, has long been a weird melange - a UK wealth manager, a US asset manager, and a broader financials group in its original heartland, South Africa. The question for new boss Bruce Hemphill is whether the timing for a break-up would be as good as the idea itself. A carve-up does make sense. If Old Mutual's South African insurance arm were listed separately in Johannesburg, it could escape European Solvency II capital rules ...

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First Published: Mon, March 07 2016. 21:32 IST