old mutual fc . old mutual plc type public company traded as lse oml jse oml zse oml industry financial services founded may 17 1845 ; 171 years ago 1845 05 17 cape town cape colony headquarters london england key people patrick o sullivan chairman bruce hemphill group ceo products life insurance savings and investment asset management banking short term insurance revenue 13 695 million 2015 1 operating income 1 319 million 2015 1 net income 924 million 2015 1 number of employees 64 043 2016 2 website www.oldmutual.com old mutual plc is an international investment savings insurance and banking group . established in 1845 in south africa it had more than 16 million customers and 303.8 billion assets under management as of 31 december 2015 . 2 it is listed on the london stock exchange and is a constituent of the ftse 100 index . contents 1 history 2 operations 3 executive committee 4 sponsorships 5 bursaries 6 responsible business 7 office locations 8 see also 9 references 10 external links history edit john fairbairn founder and first chairman the company was founded 1845 as a mutual insurance company by john fairbairn together with several other prominent cape town figures such as the liberal politician saul solomon . 3 the original name the mutual life assurance society of the cape of good hope was changed to the south africa mutual life assurance society in 1885 . 4 original old mutual headquarters in cape town . the building now serves as residential accommodation . in 1939 the old mutual art deco office opened in darling street as the mutual building or mutual gebou in afrikaans 4 which has since been converted to residential use and known as mutual heights . in 1956 old mutual relocated its head office to mutualpark in pinelands which was the largest office block in the southern hemisphere at the time . 4 in 1970 old mutual acquired a major shareholding in the newly formed mutual & federal and later acquiring the remaining shares in 2010 . in 1973 old mutual acquired shareholdings in nedcor bank renamed the nedbank group in 2005 . 4 in 1997 and 1998 the company acquired uk stockbrokers capel cure myers and albert e. sharp respectively which then merged to form capel cure sharp . 4 in 1999 it was demutualised and the company listed on the london johannesburg zimbabwe malawi and namibian stock exchanges as old mutual . old mutual establishes a head office in london . 4 in 2000 it bought the gerrard group a financial services concern for 857 million . 5 capel cure sharp subsequently merged with greig middleton gerrard group s private client business . old mutual sold gerrard to barclays bank plc in 2003 . 4 later in 2000 old mutual purchased united asset management based in boston for us 1.46 billion in cash and assumed ownership of uam net debt of around us 769 million 6 thus acquiring a large and diverse us based asset manager . among the holdings of uam were the pbhg funds of pilgrim baxter & associates . in 2003 pba was one of many companies who faced charges related to market timing brought by the u.s. securities and exchange commission sec and the attorney general of new york . ultimately the pbhg funds which had been renamed liberty ridge were absorbed into the old mutual funds group . 7 in 2005 mike levett retired as chairman and was succeeded by christopher collins . 4 a black economic empowerment deal was introduced at old mutual south africa nedbank and mutual & federal in 2005 . 4 in 2006 old mutual acquired the swedish insurer skandia in a 6.5 billion deal bringing additional business in the united kingdom several other countries in europe in latin america the far east and australia which old mutual has since exited . 8 old mutual also announced its black economic empowerment deal in namibia . 4 in 2010 patrick o sullivan became chairman of old mutual succeeding christopher collins . 4 that same year hsbc backed away from its plan to acquire 70 % of nedbank including old mutual s 53 % shares . 9 in 2011 old mutual sold us life to harbinger group inc. for 350million . 10 in 2012 old mutual sold its nordic operations to skandia liv for 2.1 billion . 11 in 2013 old mutual strengthened operations in africa with the acquisition of provident life assurance in ghana 12 and oceanic life in nigeria . 13 in 2014 skandia colombia renamed to old mutual colombia provident life assurance renamed to old mutual ghana and skandia uk renamed to old mutual wealth . later in 2014 old mutual wealth sold skandia germany skandia austria and skandia poland . 4 in may 2015 old mutual celebrated 170 years of operation 4 and bruce hemphill became group chief executive in november 2015 . 14 in march 2016 old mutual announced its intention to split its operations into four core companies to save on operating costs . 15 in august 2016 old mutual investment group signed a deal with the nigeria sovereign investment authority to invest 700 million in hospitality retail commercial sectors and food security 16 and sold its italian wealh management arm to the ergo group for 278 million . 17 operations edit investment old mutual emerging markets old mutual south africa old mutual investment group old mutual wealth south africa china colombia ghana india kenya malawi mexico namibia nigeria swaziland uruguay and zimbabwe old mutual wealth uk italy south africa old mutual international and old mutual global investors nedbank nedbank 53 % owned one of the four largest banking groups in south africa . 2 nedbank private wealth wealth management south africa . 18 nedbank private wealth private banking investment management and fiduciary services international . 18 property & casualty mutual & federal insurance services south africa . 2 iwyze collaboration between mutual & federal and old mutual . it enables old mutual to offer a new product to its customer base . 19 rm insurance company zimbabwe institutional asset management multi boutique model offering institutional clients access to a range of entrepreneurial asset managers . affiliates include acadian asset management . executive committee edit the members of the executive committee are 20 bruce hemphill group chief executive old mutual group ingrid johnson group finance director old mutual group peter bain president and chief executive officer institutional asset management us paul feeney chief executive officer old mutual wealth mike brown chief executive nedbank group ian gladman group strategy director old mutual group paul hanratty chief operating officer old mutual group sue kean group risk officer old mutual group gail klintworth group customer director and responsible business lead old mutual group ralph mupita chief executive officer emerging markets don schneider group human resources director old mutual group sponsorships edit old mutual and its subsidiaries are involved in a number of sponsorships worldwide 21 the old mutual two oceans marathon south africa the old mutual national choir festival south africa the old mutual joberg2c south africa the nedbank old mutual budget speech competition south africa the nedbank golf challenge south africa the nedbank cup south africa 21 the south african paralympic team your horizon in partnership with young enterprise united kingdom old mutual us sponsors trevor immelman a south african golfer bursaries edit old mutual south africa awards a number of bursaries every year for exceptional actuarial students at south african universities . it also offers part qualified actuarial employees study leave before actuarial exams . actuarial students are also typically awarded salary increases following exam passes . 22 although generous these bursaries are accompanied by onerous financial conditions . as of 2012 a typical bursary will require a student upon graduating to enter an employment contract with old mutual for at least 6 years . responsible business edit old mutual group released their first annual responsible business report in 2010 alongside their annual report and accounts . the report covers the progress the group has made against their five pillar framework of responsible business customers responsible investment employees communities and environmental management . old mutual participates in the united nations global compact ungc 23 johannesburg stock exchanges socially responsible investment index jse sri 24 and ftse4good 25 as well as the carbon disclosure project . 26 in 2012 old mutual joined the united nations backed principles for responsible investment pri 27 and in october 2013 sponsored the seventh annual pri in person conference held in cape town . 28 during 2014 old mutual began a partnership with the cambridge institute of sustainability leadership 29 to identify the areas where the group can make the most material impact culminating in the launch of the positive futures plan which highlighted the focus going forward on financial wellbeing and responsible investment . in 2015 old mutual joined the investment leaders group 30 focusing on directing capital towards sustainable economic development . office locations edit old mutual head office in london . the old mutual group head office is located at 5th floor millennium bridge house 2 lambeth hill london ec4v 4gg . main office locations of subsidiaries include mutual & federal mutual & federal building 75 president street johannesburg 2001 south africa 31 nedbank 135 rivonia road sandown 2196 south africa 31 old mutual asset management us 200 clarendon street 53rd floor boston united states of america 31 old mutual colombia avenida 19 no 109 a 30 bogot d.c. colombia old mutual ghana provident towers ring road central accra north ghana uap old mutual group kenya corner of mara road and hospital road upper hill nairobi kenya old mutual malawi old mutual building 30 glyn jones road blantyre malawi old mutual mexico 162 plum forest bosques de las lomas 11700 mexico 31 old mutual namibia mutual tower 223 independence ave windhoek namibia old mutual nigeria 2nd floor ecobank head office plot 21 ahmadu bello way victoria island lagos nigeria old mutual south africa old mutual square 93 grayston drive sandton johannesburg south africa and mutualpark jan smuts drive pinelands cape town . old mutual swaziland 4th floor public services pension fund building mhlambanyatsi road mbabane swaziland old mutual wealth italy old mutual wealth italy s.p.a. via fatebenefratelli 3 20121 milano old mutual wealth united kingdom old mutual house portland terrace southampton so14 7ej united kingdom 31 old mutual zimbabwe 100 the chase west emerald hill harare zimbabwe see also edit companies portal boe stockbrokers kotak mahindra old mutual life insurance limited nedbank skandia uap old mutual group real people group references edit a b c preliminary results 2015 pdf . 11 march 2016 . retrieved 26 march 2016 . a b c d old mutual fast facts . oldmutual.com . retrieved 21 march 2015 . business times article . sunday times . retrieved 8 june 2012 . dead link a b c d e f g h i j k l m old mutual history . oldmutual.com . retrieved 18 april 2011 . old mutual reaches deal . new york times . 19 january 2000 . retrieved 18 april 2011 . old mutual extends us reach . the independent . uk . 20 june 2000 . retrieved 18 april 2011 . curtain to close on liberty ridge capital morningstar advisor 24 november 2008 old mutual seals deal for skandia bbc news 26 january 2006 paul j davies ; sharlene goff 15 october 2010 . old mutual stunned as hsbc shuns nedbank . ft.com . retrieved 28 september 2016 . harbinger capital buys old mutual s u.s. life operations for 350 million bloomberg 6 august 2010 old mutual to sell nordic operations to skandia liv for 3.25 billion bloomberg 15 december 2011 old mutual buys out ghana insurance firm business today 5 september 2013 old mutual plans to acquire nigerian firm fin 24 22 february 2012 old mutual turns to african financial services veteran . ft. 15 april 2015 . retrieved 26 march 2016 . old