Old Mutual Unit Mix Confusing for Shareholders, Says CEO

Old Mutual Plc plans to separate its four units as Chief Executive Officer Bruce Hemphill breaks up the U.K. financial services company to reverse years of flagging returns. The insurer will separate OM Asset Management, its controlling stake in South African lender Nedbank, its U.K. wealth business and the emerging-market business run out of South Africa by the end of 2018, London-based Old Mutual said in a statement on Friday. The separation will be done in a way to maximize value to shareholders and give the different businesses more room to expand, it said. Hemphill explained the company’s strategy with Bloomberg’s Anna Edwards on “Countdown.”

Zurich Insurance Says on Track to Deliver Targets
48:52 - Mario Greco, chief executive officer at Zurich Insurance, discusses his restructuring targets, his M&A strategy, returning money to shareholders, working with the new chairman, possible asset purchases and the impact of the Swiss franc on his business. He speaks on "Bloomberg Markets: European Open." (Source: Bloomberg)
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