Zimbabwe Still Critical To Old Mutual – Group CEO

October 31, 2014 Mzwandile Jacks Business, Finance/Money, Strategies & Solutions

VENTURES AFRICA – Julian Roberts, CEO of Old Mutual, the Johannesburg and London-listed wealth manager, on Friday said its Zimbabwean unit remains critical to the company’s strategy because the troubled southern African country boast a wealth of intellectual capital.
Roberts, speaking at the Old Mutual Emerging Markets (OMEM) board meeting in Harare, Zimbabwe capital this week, told Fin24 that the group wants to be known as a financial services “champion” through growth of an African-based emerging markets business.
Paul Hanratty, Old Mutual COO, said the wealth manager would hold on to deploying capital and savings strategically. “We will continue in the mobilisation of capital and savings and deploying it as best as we can,” Fin24 quoted Hanratty as having said.
As a result, Old Mutual Zimbabwe is set to
construct about 15,000 low-cost housing units in the next half-a-decade. This will be under the auspices of its housing fund run by subsidiary CABS.
In the six months to June, Old Mutual, posted robust performance as currency profits surged 17 percent. “This demonstrates the strength of our group and the on-going execution of our strategy,” Roberts said at the time.
“In all our African markets, we are rolling out new product propositions to consumers across a range of income groups,” he added.
Old Mutual said adjusted operating profit for the period under review surged 17 percent to £761 million in constant currency.
Funds under management were up 5 percent to £300.5 billion.