Published on 15th May 2015
Old Mutual's latest quarterly results revealed gross sales up by almost a fifth, mostly thanks to its UK-based wealth management unit. Yet the company continues to be dogged by pressures to give up its London domicile and listing. The firm still obtains two-thirds of its operating profits from South Africa and trades at a discount to its peer group in Britain. More important, the shares have woefully underperformed those of Sanlam which has mostly stuck to its operations in that country.