Old Mutual News

Standard Bank Starts Prime Brokerage on South Africa Hedge Funds Growth Bet

Standard Bank Starts Prime Brokerage on South Africa Hedge Funds Growth Bet

Standard Bank Group Ltd., Africa’s largest lender by assets, plans to start a prime brokerage next month to benefit from regulatory changes in South Africa it expects will boost the hedge-fund industry.

Jabu Moleketi, incoming Chairman, Vodacom

Vodacom names Moleketi as Chairman

South Africa’s Vodacom Group said on Thursday it has appointed non-executive director Jabu Moleketi to succeed Peter Moyo as the mobile phone network operator’s next chairman.

Menlyn Park Shopping Centre, Pretoria, South Africa (Illustration)

Menlyn Park Shopping Centre to cement its place as Africa’s largest mall

Despite a slowdown in consumer spending across South Africa, Pretoria’s Menlyn Park Shopping Centre is undergoing a R2.5 billion revamp that will make it the largest mall in Africa, unseating Durban’s Gateway Theatre of Shopping.

Novare Lekki Mall (Illustration)

Nigerian property crash attracts brave investors betting for the long-term

A property market crash in Nigeria offers opportunities for brave investors betting that Africa’s most populous nation will deliver high returns when it climbs out of recession.

Diane Radley, Old Mutual Investment Group

Why Old Mutual is investing millions in Nigeria's property and agriculture markets

This month, South African financial services firm Old Mutual Investment Group announced a partnership with Nigeria’s sovereign wealth fund for the investment of US$700m in real estate and agriculture.

Cape Town, South Africa. Photograph: Eric Nathan/Alamy

A New Map for Business in Africa

Only a few years ago, Africa was being dubbed “the next Asia,” and multinationals watched with mounting interest as local economies boomed across the continent.

"Industries serving consumer staples and discretionary spending fetch the highest prices because of favorable demographics in the growing middle class," says Rory Ord, RisCura's Head of Valuations

Private Equity Firms Bid Up Africa M&A Prices on Record Funds

The prices private equity firms pay for stakes in African companies are the highest in six years, driven by record fundraising and competition for the continent’s expanding middle class.

Old Mutual shares surge on break-up and bid talk. Credit: Reuters

Old Mutual shares surge on break-up and bid talk

Anglo-South African financial services company Old Mutual said on Monday it was considering all options in a strategic review, with speculation of a break-up and takeover bids for its assets sending its shares soaring.

Old Mutual Private Equity buys into South African food maker In2Food

Old Mutual Private Equity buys into South African food maker In2Food

Old Mutual Plc’s private equity unit bought a stake in In2Food, a maker of ready-made meals and snacks in South Africa, as the investor bets on an increasing appetite for convenience products among the country’s growing middle class.

Diane Radley, CEO, Old Mutual Investment Group. Credit: venturesafrica.com

Old Mutual Investment Group follows parent company in expansion beyond South Africa into rest of continent

Old Mutual Investment Group says it is interested in buying property assets in east and west Africa and seeks to invest between $18 million and $37 million acquiring such assets.

The Abraaj Group

Abraaj sells stake in Kenyan insurance company UAP Holdings to Old Mutual

Abraaj has exited the East African insurance company UAP Holdings through the sale of its 13.6 per cent stake, the Dubai-based private equity firm said today.

Old Mutual Offices in Sandton, Johannesburg, South Africa

Africa's largest insurer Old Mutual in talks for stake in Zambian power plant

Zambia’s Copperbelt Energy Corp. is in talks with Old Mutual Plc, Africa’s largest insurer, to sell it a stake in a $220 million hydropower project in the country’s northwest.

Lawrence Nazare, Executive Director, Continental Re

Pan-African Continental Re sees huge growth as Africa's construction booms

Africa’s Continental Re plans to double premium income from its property and engineering business to $80 million over the next five years, as it bets on the continent’s infrastructure boom, its executive director said.

Julian Roberts, Chief Executive Officer of Old Mutual Plc. Photographer: Peter Foley/Bloomberg

Julian Roberts, CEO of Africa's largest insurer Old Mutual, stepping down

Old Mutual Plc’s Julian Roberts is stepping down as chief executive officer of Africa’s biggest insurer and will be replaced by Standard Bank Group Ltd.’s Bruce Hemphill.

Columbia University Africa Economic Forum (AEF) 2015 Speakers

Columbia University announces line-up of speakers ahead of April 11 African Economic Forum (AEF) in New York City

Columbia University’s Graduate Schools of Business, Law, and International and Public Affairs are pleased to announce details of the 12th annual African Economic Forum (AEF), the largest Africa-focused event to be held at the university.

James Mworia, CEO, Centum Investments

Kenya's Centum pursuing sales to fund power & real estate deals, says CEO James Mworia

Kenya’s Centum Investment is working on selling its stakes in several firms to fund new investments in power plants, real estate and other areas, its chief executive said.

AfricInvest

AfricInvest to exit its investment in Kenyan Insurance Company UAP Holdings

AfricInvest, a leading pan-African SME-focused private equity firm, is pleased to announce that its AfricInvest Fund II (“AFII”) and AfricInvest Financial Sector (“AFS”) Fund, along with two other investors, Aureos Africa Fund (managed by Abraaj) and Swedfund, entered into an agreement to sell their 37.3% collective stake in UAP Holdings Limited (“UAP”) to Old Mutual Holdings, a wholly-owned subsidiary of Old Mutual plc (“Old Mutual”) for KES 14.2 billion (approximately USD155.5 million).

Julian Roberts, CEO of Old Mutual

Old Mutual Spends Bulk of Africa War Chest on UAP Stake in Kenya

Old Mutual Plc (OML), which earmarked 4.3 billion rand ($374 million) for acquisitions in Africa, increased its stake in Kenya’s UAP Holdings Ltd., meaning that the insurer has now spent more than half of that war chest.

Thabo Dloti, CEO of Stanlib. Credit: financialmail.co.za

South Africa's Stanlib seeks property returns abroad as domestic growth slows

A struggling economy is spurring South Africa’s largest real-estate investor to buy the stocks of property companies that are expanding outside the continent’s most developed market.

Actis Capital

Private equity firm Actis said to prepare $1B sale of South Africa's Actom

Actis LLP, a U.K.-based private-equity firm, is preparing to sell its stake in South Africa’s Actom Pty Ltd. in a deal that could value the business at more than $1 billion, two people with knowledge of the matter said.

Chris Kirubi, Chairman of Centum Investment Company

Kenya's Centum to sell insurance firm stake to Old Mutual

Kenya’s Centum Investment Company said it had agreed to sell its 13.75 percent stake in regional insurance firm UAP Holdings to Anglo-South African financial services company Old Mutual.

Old Mutual Offices in Sandton, Johannesburg, South Africa

2014 has witnessed a spate of major insurance deals in sub-Saharan Africa

Following are some purchases or expansion plans by South African and European insurers in sub-Saharan Africa announced in the past three months.

Swiss Re Tower, London, UK: Swiss Re is one of many global insurance companies buying insurers in Africa.

As incomes in Africa rise, African insurers are in vogue and global insurers are buying in

A growing middle class in sub-Saharan Africa is enticing European and South African insurers to buy local firms focusing mainly on life insurance and pensions, in the face of mature markets and strong competition at home.

Africa

Investors too 'Eurocentric' on Africa: Graham Bell, Strategist, Old Mutual Equities

Many developed world investors still have a ‘Eurocentric view’ of Africa which is ‘rooted in the past’, according to Old Mutual equities strategist Graham Bell.

The Carlyle Group

The Carlyle Group partners with Old Mutual Private Equity to acquire 100% of Tiger Automotive in maiden South Africa deal

Global Alternative Asset Manager The Carlyle Group (NASDAQ: CG) and Old Mutual Private Equity today announced that they have agreed to acquire 100% of South African tyre retailer and wholesaler Tiger Automotive (TiAuto) from Ethos Private Equity and the founders.

Albert Essien, CEO, Ecobank

Ecobank considers sale of $500M stake in Nigerian unit: Albert Essien, CEO, Ecobank

Ecobank Transnational Inc. is considering selling a stake in its Nigerian subsidiary as part of a plan to raise about $500 million of equity for the unit.

Ingrid Johnson, CFO, Old Mutual

Old Mutual earmarks $386M for Africa expansion

Old Mutual Plc (OML), Africa’s biggest insurer, has 4.3 billion rand ($386 million) for acquisitions on the continent, where growth rates higher than advanced countries may help boost sales after third-quarter growth declined.

The Abraaj Group

The Abraaj Group buys majority stake in leading South African FMCG manufacturer, Liberty Star Consumer Holdings

The Abraaj Group (‘Abraaj’ or ‘The Group’), a leading investor operating in global growth markets, today announced the acquisition, through its Funds, of a majority stake in Liberty Star Consumer Holdings (‘Libstar’ or ‘the Company’), one of the largest unlisted food and personal care manufacturers in South Africa.

Nedbank

Nedbank exercises option to buy 20% of Ecobank for $500M as Qatar National Bank builds stake

Nedbank Group Ltd. (NED), the South African lender controlled by Old Mutual Plc, has agreed to buy 20 percent of Ecobank Transnational Inc. (ETI), even after the Lome, Togo-based company sold a stake to a Qatari bank.

Qatar National Bank (QNB)

Qatar National Bank (QNB) buys stock in Ecobank for 2nd time this month becoming top shareholder

Qatar National Bank SAQ, the Middle East’s biggest lender by market value, bought stock in Togo-based Ecobank Transnational Inc. (ETI) for the second time this month to become its top shareholder with a 23.5 percent stake.

Tendai Musikavanhu, CFA, CEO & Co-Founder, One Stone Capital Group and Old Mutual Global Index Trackers

Well-Diversified Investment in the African Growth Story with Musikavanhu Tendai, CFA, CEO & Co-Founder, One Stone Capital Group and Old Mutual Global Index Trackers (Presentation)

Well-Diversified Investment in the African Growth Story with Musikavanhu Tendai, CFA, CEO & Co-Founder, One Stone Capital Group and Old Mutual Global Index Trackers

Charles Robertson, Global Chief Economist, Renaissance Capital

Fear of Investing in Africa Is Losing You Money - CFA Institute (Video)

Africa has its challenges, from corruption to political risk, yet the continent has changed and will continue to evolve.