Jim Sutcliffe to Join as Chief Executive
Old Mutual PLC
30 November 1999
Old Mutual plc
Old Mutual plc is pleased to announce that Jim Sutcliffe, aged 43,
is to join its board as Chief Executive, Life, with effect from 24
January 2000. Mr Sutcliffe will be responsible for all of the
Group's life businesses, building on the track record of its
primary business in South Africa and developing its interests
around the world.
Until recently, Mr Sutcliffe was Deputy Chairman of Liberty
International plc, having previously been Chief Executive, UK, for
Prudential plc and Chief Operating Officer of Jackson National,
Prudential's US subsidiary.
Mike Levett, Chairman, said,
'We are extremely pleased to have Jim Sutcliffe joining our team
with his outstanding ability, experience and stature in the
industry. Jim and Eric Anstee, our Group Finance Director, who
continues to be responsible for certain of the Group's financial
services businesses, including asset management and Capel-Cure
Sharp, give us a very powerful management team for the future.'
ENQUIRIES:
Old Mutual
Mike Levett, Chairman & Chief Executive Tel: + 27 21 509 2005
James Poole, Director, Investor Relations Tel: + 44 171 569 0121
College Hill - London Tel: + 44 171 457 2020
Alex Sandberg
Gareth David
College Hill - Johannesburg Tel: + 27 11 447 3030
Graham Fiford
NOTES TO EDITORS:
Old Mutual plc is an international financial services group, based
in London, with a substantial life assurance business in southern
Africa and an integrated portfolio of activities in asset
management (including unit trusts and portfolio management and
stockbroking services), banking and general insurance.
*On 12 July 1999, Old Mutual plc listed on the London,
Johannesburg, Namibia, Malawi and Zimbabwe Stock Exchanges
* On 20 September, Old Mutual joined the FTSE 100 Share Index.
*Together with its two listed subsidiaries, Nedcor and Mutual &
Federal, Old Mutual is the leading financial services group in
southern Africa, measured by total assets.
*The Group's strategy is to deliver shareholder value through
growing and improving the profitability of its existing
businesses and expanding its international asset management
activities.
*In the UK, Old Mutual's interests include Old Mutual Asset
Managers ('OMAM'), Capel Cure Sharp and Albert E. Sharp
Securities. Approximately 2,000 of the Group's 42,000 employees
world-wide are in the UK.
*Based on a current total of 3,444,624,230 shares in issue, at the
recent price share price of 130p, Old Mutual had a market
capitalisation of £4.5 billion.
*As at 30 June 1999, Old Mutual's embedded value was £4.7 billion,
an increase of 34% over the value at 31 December 1998.
*Total third party funds under management, as at 30 June 1999,
were in excess of £40 billion.
*The Group has approximately 3.2 million life policyholders, 2
million banking customers, 270,000 general insurance
policyholders and 790,000 unit trust accounts, with some of these
customers being customers of more than one of the businesses.
Life Assurance
* The Group provides life, disability, health, retirement savings
and investment products to individuals and groups and has
approximately 30% of the South African life assurance market.
* Old Mutual has a portfolio of strong brands and one of the
largest financial services distribution networks in South
Africa, with approximately 4,900 full-time and salaried agents
and arrangements with more than 6,000 brokers.
* Old Mutual International is the offshore and international
investment subsidiary providing individually tailored offshore
investments, life assurance and unit trusts, meeting personal
financial needs of clients around the world. It provides
services from product companies based in Guernsey.
Asset Management
* Old Mutual Asset Managers provides a multi-country asset
management capability with specific local and global investment
and asset management expertise.
* Old Mutual Unit Trusts is the leading unit trust provider in
South Africa with unit trust assets under management of £1.2
billion as at 31 December 1998.
* In the UK, Capel Cure Sharp is a leading provider of portfolio
management and stockbroking services to high net-worth
individuals in the UK, with assets under management at 30 June
1999 of £10 billion.
Banking
* Old Mutual's banking business is conducted principally by
Nedcor, in which the Group has a 53.5 per cent controlling
interest. Nedcor is one of the highest rated banks listed on the
Johannesburg Stock Exchange, and its activities include retail,
commercial, corporate and investment banking and asset
management.
* Nedcor distributes its products through a wide range of
distribution channels, including its approximately 435 branches
and approximately 900 ATMs as well as the South African national
network of ATMs.
* Nedcor is a leader in the application of information technology
in the South African financial services industry, which has
enabled it to target growing areas of e-commerce and continue
its focus on lowering its cost/income ratio.
General Insurance
* Old Mutual holds a 51% controlling interest in Mutual & Federal,
which writes motor, fire, accident, engineering and marine
business. M & F is one of the largest general insurers in South
Africa and is listed on the Johannesburg Stock Exchange.
* Mutual & Federal distributes its products primarily through
brokers and Old Mutual's full-time agents. Mutual & Federal also
has operations and interests in Namibia, Botswana and Zimbabwe.
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