Old Mutual Wealth CEO says it could be a FTSE 100 firm
According to Paul Feeney (pictured), Old Mutual Wealth CEO since 2012, the company could end up a FTSE 100 company once it separates from Old Mutual.
Feeney, speaking to The Telegraph, said:
"We've built a business here and now that's probably a FTSE 100 company in its own right, if it went down that route. I'm not saying it will go down that route, I'm just saying if it were."
The Anglo-South African finance group announced recently that it would be splitting into four components. The company's stake in Africa-focused Nedbank and Emerging Markets arms will each become standalone firms, along with Old Mutual Wealth and the already-part-floated OM Asset Management.
While Old Mutual has not yet decided exactly how the business will be separated, the wealth business has already attracted the attention of the PE firms Cinven and Warburg Pincus. In addition, as a result of the split, the London-based wealth arm expects a multi-billion-pound valuation.
Old Mutual's shares rose 7% during March, following CEO Bruce Hemphill's announcement of the news. As a group, Old Mutual is already in the FTSE 100 with a market value of almost £10bn.