Old Mutual becomes the latest company to say it should be able to carry on as planned despite Brexit vote ahead of its AGM

 
Hayley Kirton
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Britain Reacts To The EU Referendum Result
Old Mutual's split is going ahead despite the Brexit vote (Source: Getty)

Old Mutual today became the latest in a string of companies to come forward and say the Brexit vote shouldn't affect its plans.

Referring to plans announced earlier this year to split the company into four different businesses, Old Mutual chief executive Bruce Hemphill said: "Increased market volatility following the referendum decision to leave the EU does not affect our strategy although it may impact the performance of the underlying businesses."

Hemphill continued: "We are working intensively with the businesses to prepare them for separation. We remain confident that the managed separation process will lead to the creation of shareholder value, and strong businesses for our customers, staff and other stakeholders."

In March, Old Mutual revealed that it would be splitting its company into Old Mutual Emerging Markets, Old Mutual Wealth, Nedbank (of which it owns a 54 per cent stake) and OM Asset Management.

Brexit Britain: What you need to know

Share price in Old Mutual was trading up 4.3 per cent at 185.7p at time of writing.

Old Mutual is not the only company in the boarder financial field to make such a statement lately. Aviva has so far put out two statements relating to the referendum result, one on Friday and one on Monday, both stating that the insurer had carefully considered the impact that a decision to leave the EU would have on it and had concluded that it was in a good position to weather the storm.

This morning, Legal & General said that it too had planned for the possibility of a Brexit vote and, as a result, had undertaken a number of derisking activities in advance to whip its balance sheet into good shape.

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