Former SA Finance Minister Trevor Manuel joins the Old Mutual directorate

From Old Mutual

Old Mutual plc (“Old Mutual” or “the Group”) is pleased to announce the appointment of Trevor Manuel, aged 59, as a non-executive Director and member of the Board Risk Committee of the Old Mutual Board with effect from 1 January 2016. This appointment is being made in anticipation of Mr Manuel joining the board and becoming the non-executive Chairman of Old Mutual Group Holdings Limited (“OMGH”) after the current Chairman of OMGH, Paul Hanratty, leaves the Group during 2016. 

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OMGH is the parent company of Old Mutual Emerging Markets and Nedbank Group Ltd, both of which have been designated by South African regulators as Domestic Systemically Important Financial Institutions. It is anticipated that the OMGH board will be mandated by Old Mutual in due course to fulfil the obligations that are expected to arise under the planned South African “Twin Peaks” supervisory regime applicable to financial conglomerates. 

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Patrick O’Sullivan, Chairman of Old Mutual, 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.”