Old Mutual oml now on the base line of an uptrend channel looks like it can do well over the months to come on the back of the rising optimism for financial stocks.

As resistance at 105p first and then 135p to negotiate.

Lower indicators RSI and ATR look positive.

82p

These came up on my list earlier in the week.

9 January 2012

Old Mutual appoints Ralph Mupita as Chief Executive of its Emerging Markets business

Old Mutual plc ("the Group") today announces that Ralph Mupita has been appointed Chief Executive of its Emerging Markets business following Kuseni Dlamini's decision to leave the company to pursue other business interests.

Ralph, who is currently Chief Executive of the Emerging Markets Life & Savings, will take up his new position on 1 February.

Paul Hanratty, Chief Executive of Old Mutual's Long Term Savings business, said: "I have no doubt that Kuseni will continue to contribute to South Africa's growth and prosperity as a business leader with a conscience and clear commitment to the country's global competitiveness agenda that he so passionately champions. Mr. Dlamini has continued to strengthen the business both in South Africa and other emerging markets and has put in place a strong leadership team and structure to lead the implementation of the OMEM strategic vision which he was very instrumental in developing. I am very pleased however to be able to appoint a replacement with the skills and expertise of Ralph and we are confident that he has the right expertise and experience to drive the Emerging Markets businesses growth."

Not much interest for these on here - going great guns since mid December.

Recent highs taken out this morning.

24 January 2012


Old Mutual Wealth Management and Retail Europe update

Old Mutual today announces that it will be combining its Wealth Management Continental Europe business (France and Italy) with the Skandia Retail Europe business unit (Germany, Austria, Poland and Switzerland).

This follows a strategic review of the businesses due to macro-economic and regulatory developments in the European long-term savings and investment markets and changes in customer preferences.

Paul Hanratty, Chief Executive of Old Mutual's Long-Term Savings business, said: "We concluded that the affluent long-term savings and investment market in Europe is attractive for Old Mutual. As a result, we have decided to combine the Wealth Management Continental Europe business and the Skandia Retail Europe business to create Wealth Management Europe."

Hein Donders has been appointed CEO of the new business unit, which will sit within Old Mutual Wealth Management, with immediate effect. Jonas Jonsson, currently CEO of Retail Europe, will work with Hein for several months to establish the new business unit, before assuming a new strategic role within Old Mutual.


Ends

GF - a close above 150 beckons ? :-)

May get it today!

Wots the forecast divi at 150p guys ?

Cheers

@2.64%

PROPOSED SALE OF OLD MUTUAL'S NORDIC BUSINESS


Old Mutual is proposing a special dividend of £1bn when it sells its Nordic businesses.

In December it announced it was selling its long-term savings and banking operations in Sweden, Denmark and Norway, to Skandia for a net cash consideration of £2.1bn.

The plan is being put to shareholders at a General Meeting on March 14.

Old Mutual intends to return approximately £1bn of net proceeds from the disposal to ordinary shareholders by means of a special dividend equivalent to 18p per share. It
plans to use the remaining £1.1bn of net proceeds, subject to regulatory approvals, to reduce indebtedness.

Old Mutual's capital flexibility will be enhanced by retaining an increased proportion of the cash flows expected to be generated from operational activity and other corporate actions planned for this year.

As at 31 January 2012, the Group had repaid approximately £600m of debt and, based on the use of net proceeds from the disposal, will meet its £1.5bn debt reduction target by the end of this year, subject to regulatory approvals.

The Group expects a total of approximately £1.7bn to be repaid under the Group's increased debt repayment plan.

Just closed here for +32.

22 February 2012

Old Mutual offer for Oceanic Life

Old Mutual plc today announces that a preliminary non-binding offer has been accepted by Ecobank Transnational Incorporated (ETI) for the acquisition of Oceanic Life, which was acquired by ETI in October 2011 as part of the Oceanic Bank Group.

Old Mutual and ETI are currently negotiating and finalising the relevant legal agreements; these agreements will incorporate the required conditions precedent for the transaction, including the relevant regulatory approvals from both a South African and Nigerian perspective.

Oceanic Life is a Nigerian life assurance company with a market share of 1.8% and a Net Asset Value of
US$16 million.

The acquisition would form part of Old Mutual's stated strategy of expanding its presence in sub-Saharan Africa.

Old Mutual plc


NEDBANK GROUP - AUDITED SUMMARISED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011

Old Mutual plc announces that its majority-owned South African banking subsidiary Nedbank Group Limited ("Nedbank Group") released its audited summarised financial results for the year ended 31 December 2011 today, 29 February 2012.

The following is the full text of Nedbank Group's announcement:

"'Nedbank Group performed well in 2011, achieving a record level of headline earnings, but more work lies ahead to meet all medium-to-long-term financial targets.

These results were underpinned by continued delivery on our key strategic focus areas of repositioning Nedbank Retail, growing non-interest revenue (NIR) and implementing the portfolio tilt strategy. In the rest of Africa we deepened our strategic alliance with Ecobank by providing a facility in support of Ecobank's corporate development programmes, including its transformational banking acquisition in Nigeria, and in so doing secured rights to acquire up to 20% of Ecobank Transnational Inc within two to three years.

Despite the challenging environment, Nedbank Group is well positioned to build on the momentum from 2011 and meet its medium-to-long-term earnings growth target once again in 2012.'

Mike Brown
Chief Executive


Highlights

Headline earnings R6 184m up 26,2%
Diluted headline earnings per share 1 340 cents up 25,4%
Strong NIR growth R15 412m up 16,6%
Headline profit before tax increased 31,9%
ROE (excluding goodwill) increased to 15,3% (2010: 13,4%)
Capital adequacy further strengthened (core Tier 1: 11,0%)
Full-year dividend per share of 605 cents, up 26,0%

Update on Proposed Sale of Old Mutual's Nordic Business

Old Mutual plc ("Old Mutual") announced on 15 December 2011 that it had entered into an agreement to sell its Nordic business, comprising Old Mutual's long-term savings and banking operations in Sweden, Denmark and Norway, to Skandia Liv (the "Disposal").

Old Mutual welcomes the announcement this morning of regulatory approval for the Disposal from the Swedish Financial Supervisory Authority. Danish regulatory approval for the sale was confirmed on 2 March 2012.

Completion of the Disposal now remains conditional only on approval by Old Mutual shareholders at the General Meeting on 14 March 2012. Subject to that approval being given, completion of the sale is expected to occur on or around 21 March 2012.

We have today also announced a trading update on the Nordic business, which confirms that it has continued to benefit from its product depth and good operational performance. The trading statement is set out in the Appendix to this announcement.

As previously indicated, Nordic will be treated for accounting purposes as "held for sale" in our 2011 preliminary results, which will be released tomorrow. It will thus be excluded from Adjusted Operating Profit and reported under IFRS. We will also report on our cost savings and RoE targets excluding Nordic going forward.

Preliminary Results part 1.


Strong financial performance
· Profits up 14% at £1,515 million
· EPS up 13% to 15.7p
· Ordinary dividend up 25% to 5.0p
Positive foundation for growth
· Selected, high-return emerging markets: increasing Africa presence anchored by three strong South African businesses
· Low-risk, modern European business: leading UK platform, £20.1 billion FUM at 29 February, well positioned for Retail Distribution Review
· Our FGD surplus of £2.0 billion and liquidity headroom of £1.5 billion enables us to invest for profitable growth and reward shareholders
Strategic activities continue to pay dividends for shareholders
· Disposal of Nordic and Finnish businesses; closure of Switzerland to new business; disposal of Dwight and OMCAP
· Proposed special dividend of 18p; 7 for 8 share consolidation
· On track to meet or exceed all our 2012 targets

Telegraph – 21 minutes ago
Back in March 2009, Old Mutual (LSE: OML.L - news) was what you might call an undesirable investment.

Old Mutual

164.6p

Questor says BUY

The financial conglomerate had scrapped its dividend after running into difficulties linked to an overzealous acquisition drive and looked set for a tough few years as it grappled with a complex, sprawling structure.

Since then, the FTSE 100 (Euronext: VFTSE.NX - news) group's management team led by chief executive Julian Roberts has slimmed down the business, exited markets and taken steps to pay down debt.

Last year, Old Mutual saw operating profits rise 14pc to £1.5bn, allowing the company to announce earnings per share up 13pc to 15.7p and a total dividend up 25pc to 5p.

Curiously, Mr Roberts said the group is also poised to expand its interests in Africa, close to its domestic base of South Africa. The move is being designed to take advantage of high-growth economies such as Nigeria, where market penetration is low for financial providers such as Old Mutual.

Old Mutual's shares have risen by almost 20pc over the past year, against a flat FTSE 100. The group currently yields an attractive 3pc a figure forecast to grow to more than 3.4pc over the next year.

The shares are a classic recovery play and should continue to benefit as its structure is simplified. Its (Euronext: ALITS.NX - news) focus on Africa should also entice daring investors.

..

Interim Management Statement.

Business improvement continues

· Funds under management in core operations up 6% to £284.2 billion

· NCCF of £3.7 billion, USAM NCCF £2.5 billion

· Sale of Nordic completed for £2.1 billion

Interim Results part 1

Thankyou "skinny" for all your help.