Old Mutual Wealth Management Investor Presentation
Ref 108/12
19 November 2012
Old Mutual plc
Old Mutual Wealth Investor Presentation
Old Mutual plc will be holding a showcase on its Wealth business today, Monday 19 November 2012. The event will include a series of presentations by and question and answer sessions with senior management from Old Mutual Wealth.
The Chief Executive of Old Mutual Wealth, Paul Feeney, will set out the strategy of the business in seeking to achieve IFRS pre-tax profits in 2015 of over £300m by increasing asset management and other product revenues, developing distribution capacity and capability and through operational efficiencies.
This strategy is designed to meet the Group's required return on investment criterion of 12 - 15% Return on Equity and is predicated on the achievement of a range of growth rates in assets under management and operating margin scenarios.
As part of the plans, Old Mutual will take a net £15m operating charge in 2012 for closing to new business in Germany and Austria, and for redundancies and associated costs of a staff reduction of approximately 200 employees in the United Kingdom and France. Further measures to secure operational efficiency and associated costs and benefits will be announced in due course.
The event will take place at Old Mutual's London office and the presentation will start at 12:30 hrs GMT (13.30 hrs CET / 14:30 hrs South African time). A webcast will be provided for those unable to attend in person, details of which are at: www.oldmutual.com/showcase. Presentation documents are also available to download from 12:00 hrs GMT (13.00 hrs CET / 14:00 hrs South African time) at www.oldmutual.com/showcase.
There will also be an audio dial-in facility, accessible on the following numbers by quoting pass code 228818#:
UK / International: +44 (0)20 3140 0668
US 1 631 510 7490
South Africa: 011 019 7051
Enquiries
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External communications |
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Patrick Bowes |
UK |
+44 (0)20 7002 7440 |
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Investor relations |
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Kelly de Kock |
SA |
+27 (0)21 509 8709 |
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Media |
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William Baldwin-Charles |
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+44 (0)20 7002 7133 +44 (0)7834 524 833 |
Notes to Editors
Old Mutual
Old Mutual is an international long-term savings, protection and investment Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance to more than 12 million customers in Africa, the Americas, Asia and Europe. Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.
In the year ended 31 December 2011, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £267 billion of funds under management from core operations.
For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com
This information is provided by RNS
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