Financial services firm Old Mutual says it aims to list two units – Old Mutual Wealth (OMW) and Old Mutual Limited (OML) – in London and Johannesburg in 2018.<\/p>\n
The company which is undergoing a managed separation strategy – published its interim results for the six months ended 30 June 2017, reporting a 37% jump in pre-tax adjusted operating profit of \u00a3<\/span>969 million.<\/p>\n Revenue climbed 45% to \u00a3<\/span>10.82 billion and the group lifted its interim dividend to 3.53 pence from 2.67 pence before.<\/p>\n Bruce Hemphill, group chief executive, said: “Old Mutual Wealth had a strong six months and Old Mutual Emerging Markets and Nedbank are trading resiliently given the continuing difficult macroeconomic conditions in South Africa.<\/p>\n “We are making excellent progress in delivering the managed separation of Old Mutual having materially reduced debt and largely disposed of our stake in OM Asset Management.<\/p>\n “Our focus for the next phase of managed separation is first to finalise the appropriate standalone balance sheets for our two unlisted businesses and second, subject to the necessary approvals, deliver them to our shareholders at the earliest opportunity in 2018 after our 2017 full year results.”<\/p>\n In March 2016, Old Mutual said it would separate the company into four businesses – Old Mutual Emerging Markets, Nedbank, Old Mutual Wealth and Old Mutual Asset Management.<\/p>\n The group said on Friday that the timing for the next stage of managed separation would in part be dependent on receipt of the required regulatory approvals, “but we currently anticipate the listing of Old Mutual Wealth (OMW) and Old Mutual Limited (OML) to take place at the earliest opportunity in 2018 after Old Mutual’s Following the listing of OML, the group said it intends to distribute a significant proportion of its shareholding in Nedbank to OML, which will retain an appropriate strategic minority stake in Nedbank to underpin the ongoing commercial relationship, “with the exact level still to be determined with Nedbank”.<\/p>\n <\/p>\n <\/p>\n
\n2017 full year results”.<\/p>\n
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