Old Mutual waves farewell to boss Roberts with profits lift

 
Joseph Millis
The investment group has recorded a 20 per cent rise in adjusted profits
OLD MUTUAL yesterday reported a 20 per cent rise in adjusted profits in constant currency terms, and an eight per cent rise in its dividend.

The first-half results, to 30 June, show that the investment group’s funds under management are up by seven per cent to £335.7bn.

Group chief executive, Julian Roberts, who is stepping down, said: “This has been an exceptional six months for Old Mutual. Last year, we reallocated significant capital to buy quality businesses in our core markets. This year is about ensuring that these investments are fully integrated and making the returns we expect. We have an absolute focus on achieving this, while being a responsible business.”

Roberts is due to be replaced by Bruce Hemphill, a former executive at the African lender Standard Bank.

He added: “This is the last set of results I will present as group chief executive… I am delighted to be able to pass on the stewardship of the group to my successor when it is in such robust health.”

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