Old Mutual
 |
|
| Public company | |
| Traded as | |
| Industry | Financial services |
| Founded | May 17, 1845 (Cape Town, Cape Colony) |
| Headquarters | London, England |
|
Key people
|
Patrick O'Sullivan, Chairman Bruce Hemphill, Group CEO |
| Products |
Life insurance Savings and investment Asset management Banking Short-term insurance |
| Revenue | £13,695 million (2015) |
| £1,319 million (2015) | |
| £924 million (2015) | |
|
Number of employees
|
64,043 (2016) |
| Website | www.oldmutual.com |
Old Mutual plc is an international investment, savings, insurance, and banking group. Established in 1845 in South Africa, it had more than 16 million customers and £303.8 billion assets under management as of 31 December 2015. It is listed on the and is a constituent of the FTSE 100 Index.
The company was founded 1845 as a mutual insurance company by John Fairbairn, together with several other prominent Cape Town figures such as the liberal politician Saul Solomon. The original name The Mutual Life Assurance Society of the Cape of Good Hope was changed to The South Africa Mutual Life Assurance Society in 1885.
In 1939, the Old Mutual art deco office opened in Darling Street as the Mutual Building (or, Mutual Gebou in Afrikaans) which has since been converted to residential use and known as "Mutual Heights". In 1956, Old Mutual relocated its head office to Mutualpark in Pinelands which was the largest office block in the southern hemisphere at the time.
In 1970, Old Mutual acquired a major shareholding in the newly formed Mutual & Federal, and later acquiring the remaining shares in 2010.
In 1973, Old Mutual acquired shareholdings in Nedcor Bank (renamed the Nedbank Group in 2005).
In 1997 and 1998, the company acquired UK stockbrokers Capel-Cure Myers and Albert E. Sharp respectively which then merged to form Capel-Cure Sharp.
In 1999, it was demutualised and the company listed on the , Johannesburg, , and Stock Exchanges as Old Mutual. Old Mutual establishes a head office in London.
In 2000, it bought the Gerrard Group, a financial services concern, for $857 million. Capel-Cure Sharp subsequently merged with Greig Middleton, Gerrard Group's private client business. Old Mutual sold Gerrard to Barclays Bank PLC in 2003.
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