Old Mutual Limited is a pan-African investment, savings, insurance and banking group. It is listed on the Johannesburg Stock Exchange, the Zimbabwe Stock Exchange, the Namibian Stock Exchange and the Botswana Stock Exchange. It was founded in South Africa in 1845 by John Fairbairn and was demutualised and listed on the London Stock Exchange and other stock exchanges in 1999. In 2018, the company launched a new strategy called'Management Separation ', splitting its four companies - Old Mutual Emerging Markets, Nedbank, UK-based Old Mutual Wealth and Boston-based Old Mutual Asset Management (OMAM) - into separate entities. This led to the spin-off of Quilter plc (formerly "Old Mutual Wealth") and the spin-off of its stake in Nedbank. The company is currently primarily based in South Africa and provides sponsorship and support bursaries to South African universities

Founded in 1845 by John Fairbairn, it was a mutual insurance company founded along with several other prominent Cape Town figures such as liberal politician Saul Solomon. In 1885, The Mutual Life Assurance Society of the Cape of the Good Hope was changed to The South Africa Mutual Life Assurance Society.

The original Old Mutual headquarters were located in Cape Town. The building is now used as a residence.

In 1939, the Old Mutual Art Deco office opened on Darling Street as the Mutual Building ("Mutualgebou" in Afrikaans), which has since been converted for residential use and is known as "Mutual Heights". In 1956, Old Mutual moved its headquarters to Mutualpark in Pinelands, the largest office building in the Southern Hemisphere at the time.

Old Mutual acquired a major stake in the newly formed Mutón & Federal in 1970 and the remaining shares in 2009. Mutual & Federal changed its name to Old Mutual Insure on June 5, 2017 and is now part of the Old Mutual Emerging Markets business.

In 1973, Old Mutual acquired a stake in Nedcor Bank (renamed Nedbank Group in 2005).

In 1997 and 1998, the firm acquired British stockbrokers Capel-Cure Myers and Albert E. Sharp, respectively, before merging to form Capel-Cure Sharp.

By 1999, it was demutualised and the company was listed on the London, Johannesburg, Zimbabwe, Malawi and Namibia stock exchanges under the name Old Mutual. Old Mutual also established its headquarters in London

In 2000, it acquired financial services firm Gerrard Group for $857 million. Capel-Cure Sharp subsequently merged with Greig Middleton, Gerrard Group's private client business. Old Mutual sold Gerrard to Barclays in 2003.

In late 2000, Old Mutual acquired Boston-based United Asset Management for $1.46 billion in cash and took over approximately $769 million of UAM's net debt, thereby acquiring a large and diversified U.S. asset management firm. UAM's holdings include Pilgrim Baxter & Associates' PBHG Fund. In 2003, PBA was one of a number of companies facing market timing-related charges brought by the Securities Exchange Commission (SEC) and the New York Attorney General. Eventually, PBHG Funds (renamed Liberty Ridge) was merged into Old Mutual Funds Group.

In 2005, Mike Levett stepped down as chairperson and Christopher Collins took over. In the same year, Old Mutual South Africa, Nedbank, and Mutual & Federal launched the Black Economic Empowerment Agreement.

In 2006, Old Mutual acquired Swedish insurer Skandia for $6.50 billion, bringing more business to the UK, Europe, Latin America, the Far East, and several other countries in Australia (Old Mutual has since exited). Old Mutual also announced the Black Economic Empowerment Agreement in Namibia.

Patrick O'Sullivan succeeded Christopher Collins as chairperson of Old Mutual in 2010. [6] That same year, HSBC abandoned plans to acquire a 70% stake in Nedbank, including a 53% stake in Old Mutual. In 2011, Old Mutual sold US Life to Harbinger Group Inc. for $350 million.

Old Mutual sold its Nordic operations to Skandia Liv in 2012 for £2.10 billion. In 2013, Old Mutual strengthened its presence in Africa by acquiring Provident Life Assurance in Ghana and Oceanic Life in Nigeria.

Also in 2013, Old Mutual acquired Fairheads Trust Company, one of the oldest trust companies in South Africa, and formed Old Mutual Wealth Trust Company. Old Mutual Wealth Trust Company has two divisions: Old Mutual Wealth Fiduciary and Old Mutual Wealth Family Office, which continues to work closely with Fairheads Trust individuals and families who have developed relationships with it over the past 90 years. However, Old Mutual did not acquire Fairheads Benefit Services.

As of January 2014, with the addition of Adiba Ighodaro, the daughter of former Wall Street tycoon Zoe Cruz and the third secretary general of the Commonwealth of Nigeria, Chief Emeka Anyaoku, and Adiba Ighodaro, the board of directors of Old Mutual reached 30% female representation.

In 2014, Skandia Colombia was renamed Old Mutual Colombia, Provident Life Assurance was renamed Old Mutual Ghana and Skandia UK was renamed Old Mutual Wealth. Later in 2014, Old Mutual Wealth sold German Skandia, Austrian Skandia and Polish Skandia.

In May 2015, Old Mutual celebrated its 170th anniversary of operations and Bruce Hemphill became Group CEO in November.

In March 2016, Old Mutual plc announced a new group strategy called "Management Separation", aimed at unlocking and creating value for shareholders. The strategy will entail separating its four companies - Old Mutual Emerging Markets, Nedbank, UK-based Old Mutual Wealth and Boston-based Old Mutual Asset Management (OMAM) - into separate entities. In August 2016, Old Mutual Investment Group signed an agreement with the Nigerian Sovereign Investment Authority to invest $700 million in the hospitality, retail, commercial sector and food safety sectors, and sold its Italian wealth management arm to ERGO Group for 278 million euros.

In the first half of 2017, Old Mutual plc achieved an important strategic milestone by announcing a series of transactions to reduce Old Mutual plc's stake in OM Asset Management (OMAM) to 5.5%. OMAM is now independent of Old Mutual plc. Furthermore, in 2017, Old Mutual completed the sale of Kotak Mahindra Old Mutual Life Insurance Ltd., India

The company announced in November 2017 that Old Mutual Wealth would be spun off into Quilter plc in 2018.

In June 2018, the company executed the "management spin-off" strategy. Old Mutual plc's shares were delisted and Old Mutual Limited and Quilter plc are now independent businesses listed on the Johannesburg, Zimbabwe, Malawi, Namibia and London Stock Exchanges. On 15 October 2018, Old Mutual spun off its majority stake in Nedbank, marking the distribution of shares worth approximately R43.20 billion to Old Mutual shareholders and the completion of the management spin-off of Old Mutual Group. In the same year, Old Mutual's headquarters moved to No 1 Mutual Place in Sandton.

In April 2019, the company sold its Latin America operations to Lily Bermuda Capital, a wholly-owned subsidiary of Singapore-based CMI International Holdings. This was followed in May by the suspension of Peter Moyo as CEO due to "a serious breakdown of trust and confidence between him and the board". Former chief operating officer Iain Williamson was appointed as acting CEO.

Operation

The business structure is as follows:

• Old Mutual South Africa
• Old Mutual Botswana
• Old Mutual Ghana
• Old Mutual Malawi
• Old Mutual Namibia
• Old Mutual Nigeria
• Old Mutual Swaziland
• Old Mutual Zimbabwe
• Old Mutual East Africa Group
• Old Mutual-Guodian (China)

Sponsorship

Old Mutual and its subsidiaries participate in a number of sponsorship events worldwide:

• The Old Mutual National Choir Festival (South Africa)
• The Old Mutual Victory Race (Namibia)
• Go2 Berg
• Music in the Garden

Bursaries

Old Mutual South Africa provides some bursaries each year for outstanding matriculation and actuarial students at South African universities. It also provides pre-actuarial study leave for some qualified actuarial staff. Actuarial students also usually receive a raise after passing the exam

Responsible Business

Old Mutual is involved in the United Nations Global Compact (UNGC) as well as the Carbon Disclosure Project.

Old Mutual Amazing Voices

Old Mutual Amazing Voices is a pan-African music competition reality TV series produced by Destiny TV and launched by Old Mutual for DStv and M-Net on local interest channels across Africa in their respective regions.