Old Mutual has appointed investment banker Rob Leith to lead the break-up of its business.
Leith was previously global head of investment banking at Sberbank. He was also head of group strategic development at Standard Bank
He will be director of managed separation at Old Mutual, and will sit on its board to oversee the break-up of Old Mutual Wealth, Old Mutual Emerging Markets, Nedbank and OM Asset Management.
Leith will work alongside Old Mutual’s group finance director Ingrid Johnson and group strategy director Ian Gladman to develop the company’s break-up.
Last week, the South African based insurer confirmed it planned to separate its four businesses into separate entities.
The company plans to break off Old Mutual Wealth, which includes the Old Mutual platform, advice network Intrinsic, discretionary fund manager Quilter Cheviot and Old Mutual Global Investors, from the main group by the end of 2018.
Reports have suggested private equity companies are interested in Old Mutual Wealth, but last Friday Old Mutual said it had not received any offer for the company.
Old Mutual also plans to sell down its majority stake in South African bank Nedbank.
Bruce Hemphill (pictured), group chief executive of Old Mutual, said Leith’s experience would help the company deal with the complex arrangements arising from the planned split.
‘He brings commercial wisdom to the complex interrelated set of decisions which will be required as we execute the managed separation,’ he said.
Source: New Model Adviser