Old Mutual appoints former SA finance minister as non-exec director

Old Mutual has appointed South Africa’s former finance minister, Trevor Manuel, as a non-executive director with effect from 1 January next year.

Manuel will also become non-executive chairman of holding company Old Mutual Group Holdings (OMGH) after the current chairman Paul Hanratty leaves the group next year.

OMGH is the parent company of Old Mutual Emerging Markets and Nedbank Group.

Chairman Patrick O’Sullivan said: “We are delighted to be able to appoint Mr Manuel to our board, given his wealth of experience in advising and guiding the development of the financial services sector in emerging markets.

“His track record of leadership in developing sound regulation for financial services over many years will be of great benefit to the group, in particular as we prepare for forthcoming changes in the regulatory environment in South Africa."

At 0920 GMT, Old Mutual shares were down 1.6% at 205.30p.