Belfast Telegraph

Old Mutual making 'excellent progress' on business split as profits soar 37%

Old Mutual has reported a rise in half-year profits and said it is on course to split the firm into four by next year.

The FTSE 100 firm announced in March last year that it would run its US-based asset management operation, its UK-based wealth unit, an emerging markets division and Nedbank in South Africa as separate businesses.

On Friday, chief executive Bruce Hemphill said Old Mutual is making "excellent progress" in the break-up as he celebrated a 37% rise in adjusted operating profit to £969 million.

He added: "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.

"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."

The group said it will list its UK-based wealth unit and its South African unit next year.

Its stake in US Old Mutual Asset Management will be reduced to 5.5%, the firm added.

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