Old Mutual hires investment banker to oversee split

Old Mutual, which confirmed last week that it will split its business into four units, has appointed Rob Leith as director of managed separation.

The financial services company said Leith will be responsible for the coordinated execution of the managed separation.

He will work in partnership with the group finance director, Ingrid Johnson and group strategy director, Ian Gladman to deliver the new strategy.

Leith joins Old Mutual from a private investment company where he has been since September 2014. Prior to that, he was global head of investment banking and global markets of Sberbank CIB.

Chief executive Bruce Hemphill said: "He brings commercial wisdom to the complex interrelated set of decisions which will be required as we execute the managed separation."

On Friday, Old Mutual said it will separate its four underlying businesses - Old Mutual Emerging Markets (OMEM), Nedbank, Old Mutual Wealth (OMW) and OM Asset Management (OMAM).

The decision followed a review that concluded the four underlying businesses enjoy limited tangible synergies between themselves and that it would be in the best interests of shareholders to enable the quartet to chart independent courses.

Hemphill said at the time: “"We have four strong businesses that can reach their full potential by freeing them from the costs and constraints of the group."

At 1528 GMT, Old Mutual shares were up 4.7% to 190.50p.