Old Mutual PLC (OML) - OML acquires strategic distribution capability
RNS Number : 3949R
Old Mutual PLC
19 November 2012
19 November 2012
Old Mutual acquires strategic distribution capability in Latin America
Old Mutual plc ("Old Mutual" or "the Group") today announces that its Emerging
Markets business will strengthen its distribution capability through the
acquisition of a majority stake in AIVA Business Platforms (AIVA).
The new business combination will enhance Old Mutual's presence in selected
emerging markets particularly in Latin America and deepen AIVA's existing
relationship with the Group. Following the completion of the transaction, AIVA
will work with Old Mutual to expand distribution in the region. The
transaction by Old Mutual Life Assurance Company South Africa is conditional
on relevant regulatory approvals and is expected to complete in early 2013.
Consideration is not being disclosed.
AIVA is a family-owned, high quality business platform and distribution
business based in Uruguay and spanning the Latin American region. It employs
120 people and provides services to a network of IFAs, wealth managers and
other institutions. It has assets under management of over $800 million.
Old Mutual and AIVA have had a long-standing relationship for over 15 years.
AIVA currently works with the Group in a number of areas, including
administration and servicing as well as in the investment space. AIVA,
together with Old Mutual's Emerging Markets businesses, will take advantage of
operational synergies in Colombia and Mexico in due course.
Paul Hanratty, CEO of Old Mutual's Long-Term Savings business said: "The
deepening of the relationship between Old Mutual and AIVA provides a firm base
from which we can capitalise on opportunities in these fast-developing
investment markets in an efficient and low capital manner."
Carlos Parra, one of the founding partners of AIVA, said: "The combination of
our distribution experience and Old Mutual's size and strength means that
together we are well placed in Latin America to take advantage of attractive
Patrick Bowes UK +44 (0)20 7002 7440
Kelly de Kock SA +27 (0)21 509 8709
William Baldwin-Charles +44 (0)20 7002 7133
+44 (0)7834 524 833
Notes to Editors
Old Mutual is an international long-term savings, protection and investment
Group. Originating in South Africa in 1845, the Group provides life
assurance, asset management, banking and general insurance to more than 12
million customers in Africa, the Americas, Asia and Europe. Old Mutual has
been listed on the London and Johannesburg Stock Exchanges, among others,
In the year ended 31 December 2011, the Group reported adjusted operating
profit before tax of £1.5 billion (on an IFRS basis) and had £267 billion of
funds under management from core operations.
For further information on Old Mutual plc, please visit the corporate website
This information is provided by RNS
The company news service from the London Stock Exchange
ACQBPBTTMBJBTLT -0- Nov/19/2012 07:00 GMT
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