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Our story
Like most great stories, ours has humble beginnings. A Scotsman, named John Fairbairn, started the Mutual Life Assurance Company in Cape Town, with no capital, just the trust of like-minded individuals and an unwavering belief that together, people can achieve more than alone.
What's in a name?
Not long after Fairbairn started the mutual society in 1845, another life assurance society also appeared in the region. Fairbairn's mutual society had, by this time, established itself as a constant in peoples' lives; providing real benefits to its members. It didn't take long before people started referring to the mutual society as the Old Mutual - acknowledging the role it had come to play as an innovative provider of security: a true friend that rewarded its clients with financial stability in uncertain times.
Where did the Old Mutual logo come from?
With a reputation for reliability and trust firmly established, Board chairman and local artist Charles Bell penned the now familiar three anchor logo design 25 years later. He drew inspiration from the Cape of Good Hope symbol which featured one anchor, and explained that the Old Mutual logo represented the mutual strength that was to be found when people came together to invest in Fairbairn's mutual society. His choice of three anchors overlaid upon each other represents the strength that is to be had in numbers, and speaks of our belief that - when it comes to investment and wealth creation - the sum is greater than its parts.
From small beginnings, great things grow
Old Mutual prides itself in its innovative approach to providing considered, market-leading solutions that preserve and grow the money that our customers entrust to us. Our early history is rich in heritage and industry defining milestones, and our growth is intertwined with that of South Africa - where our story started. With a constant focus on growing our business, we acquired companies such as Mutual & Federal and Nedbank and have remained at the forefront of technology and policy related matters to ensure the highest levels of flexibility and service - despite adverse economic conditions.
Growing beyond our borders
Following Old Mutual's public listing on the Johannesburg stock exchange, we followed with a core listing on the London Stock Exchange, and listings on the Zimbabwe, Malawi and Namibia stock exchanges in 1999. A period of global expansion in a number of international markets followed, with notable purchases around this time including the acquisition of United Asset Management in the USA, and Skandia - a Scandinavian life insurance company that operates internationally.
165 years on, we remain focused on our founding principles
True to the spirit of John Fairbairn's original intentions, we remain committed - more than a century and a half later - to helping people create positive futures for themselves and their families. As part of the Old Mutual family you are able to reap the benefits of many years of wisdom; a priceless asset that we are proud to share.
Interactive heritage
Key dates of our history
Established in 1845, we have been serving our customers needs for over 165 years. View our key history dates below, listed by year.
|
2013
|
| February |
Old Mutual acquires 22seven in South Africa |
|
2012
|
| November |
Old Mutual strengthens its distribution capability through the acquisition of Aiva in Uruguay |
| March |
Old Mutual sells Skandia Nordic to Skandia Liv |
| February |
Ralph Mupita becomes Chief Executive of Emerging Markets |
|
2011
|
| February |
Peter Bain becomes President and Chief Executive Officer of Old Mutual Asset Management (US) |
| April |
Old Mutual sells US Life to Harbinger Group Inc. |
|
2010
|
| December |
Peter Todd becomes Managing Director of Mutual & Federal |
| May |
Old Mutual celebrates 165 years of providing savings, investment and protection solutions for our customers |
| March |
Mike Brown becomes Chief Executive of Nedbank Group Limited |
| February |
Old Mutual acquires the remaining minority shareholding in Mutual & Federal |
| January |
Patrick O'Sullivan becomes Chairman of Old Mutual plc, succeeding Chris Collins. |
|
2009
|
| September |
Paul Hanratty is appointed Chief Executive Officer, Long-Term Savings, Old Mutual plc and Chairman of Old Mutual South Africa |
|
2008
|
| November |
Philip Broadley becomes Group Finance Director |
| September |
Julian Roberts becomes Chief Executive of Old Mutual plc, replacing Jim Sutcliffe |
|
2007
|
| October |
Skandia announces the launch of Skandia Investment Group, a new global investment management function |
| October |
Old Mutual announces £350m share buyback programme |
| September |
Old Mutual de-lists its shares in Sweden from Stockholmsbörsen |
| February |
Old Mutual Asset Management acquires Ashfield Capital Partners in the United States |
| January |
Old Mutual Asset Managers (South Africa) restructured into a multi-boutique model under the renamed Old Mutual Investment Group (South Africa) |
|
2006
|
| September |
Old Mutual Group announces Black Economic Empowerment deal in Namibia |
| July |
Old Mutual South Africa acquires Marriot Property and Income Specialists, a property investment business |
| March |
Old Mutual sells eSecLending, its US securities-lending business, to TA Associates |
| February |
Julian Roberts becomes Chief Executive Officer of Skandia |
| February |
Old Mutual completes the acquisition of Skandia |
| February |
Old Mutual Asset Management acquires a 60% interest in Copper Rock Capital Partners, a small-cap growth equity manager |
|
2005
|
| October |
2100 Capital acquires Larch Lane, a hedge fund specialist |
| September |
Old Mutual makes offer for Skandia; total consideration approximately SEK 44.9bn |
| May |
Nedcor Limited, the holding company of Nedbank, changes its name to Nedbank Group Limited |
| May |
Mike Levett retires as Chairman of Old Mutual plc and is replaced by Christopher Collins |
| April |
Old Mutual Asset Managers establishes 21 Capital, a diversified alternative investments company |
| April |
Black Economic Empowerment deal introduced at Old Mutual South Africa, Nedbank and Mutual & Federal |
|
2004
|
| October |
Pilgrim Baxter & Associates announces change of name to Liberty Ridge Capital |
| July |
OM Kotak Mahindra changes company name to Kotak Mahindra Old Mutual Life Insurance Limited |
| January |
Old Mutual buys out the minority shareholders of Mutual & Federal |
|
2003
|
| December |
Old Mutual sells Gerrard Management Services Limited to Barclays Bank plc |
| May |
Old Mutual re-launches GNI Fund Management under the name Bright Capital, a fund of hedge funds manager |
|
2002
|
| November |
Old Mutual sells Old Mutual Securities Limited to Secure Trust Banking Group |
| November |
Nedcor Bank Limited changes its name to Nedbank Limited |
| November |
Old Mutual sells GNI Holdings to Man Group plc |
| July |
Nedcor acquires BoE creating South Africa's largest bank |
| June |
Nigel Andrews is appointed as non-executive director |
| May |
US Asset Management sells NWQ Investment Management, a value oriented equity fund manager, to John Nuveen Company for $120m |
|
2001
|
| December |
Old Mutual sells Old Mutual International (Isle of Man) to Aberdeen Asset Management |
| November |
Launch of Selestia in the UK, a fully online service distributed through the IFA channel, offering IFAs and investors access to a range of third party funds |
| November |
Jim Sutcliffe becomes Chief Executive of Old Mutual plc |
| November |
Nedcor and Old Mutual (South Africa) announce the merger of Permanent Bank and Old Mutual Bank, to form Old Mutual Banking Services |
| September |
Old Mutual acquires Fidelity & Guaranty Life for $635m |
| September |
Old Mutual is admitted to FTSE4Good, the socially responsible indices run by FTSE |
| July |
Old Mutual announces that the role of Chairman and Chief Executive will be split: Mike Levett will remain as Chairman (non-executive); Jim Sutcliffe will become Chief Executive in November |
| April |
Old Mutual South Africa purchases 20% stake in Umbono Fund Managers, a black empowered index investment house |
| April |
Nedcor and Old Mutual acquire Fleming Offshore Banking, renaming it Gerrard Private Bank (now known as Fairbairn Private Bank) |
| March |
Old Mutual acquires Unified Life Insurance Company for $25m (renamed Americom Life in May 2001) |
| January |
Old Mutual Asset Managers formed in the US, combining seven key UAM affiliates |
|
2000
|
| October |
Mutual & Federal acquires CGU Holdings South Africa for £115m |
| September |
Old Mutual acquires United Asset Management Corporation (UAM) in the US for $2.2bn |
| September |
Old Mutual enters into a joint venture in life assurance in India with Kotak Mahindra Finance Ltd |
| August |
Julian Roberts is appointed as Group Finance Director |
| May |
Albert E Sharp Securities merges with the institutional broking and corporate finance division of Greig Middleton to form Old Mutual Securities |
| May |
Nedcor acquires FBC Fidelity Bank Limited |
| March |
Capel-Cure Sharp merges with Greig Middleton, Gerrard Group's private client business (subsequently rebranded under the Gerrard name) |
| March |
Old Mutual acquires Gerrard Group for £525m |
| January |
Old Mutual sells its UK life insurance business to Century Life for £75m |
|
1999
|
| July |
Mike Levett becomes Chairman & Chief Executive of Old Mutual plc |
| July |
Old Mutual is listed on the London, Johannesburg, Zimbabwe, Malawi and Namibia stock exchanges. Listing price is 120p (R11.25), giving the company a market capital of £3.9bn (R36.8bn) |
| May |
Old Mutual is demutualised |
| 1999 |
Old Mutual establishes a head office in London |
Prior to Demutualisation
Old Mutual has a history of more than 150 years as a South African-based mutual society prior to its public listing in 1999.
| 1845 - 1999 |
| 1999 |
Policyholders in the South African Mutual Life Assurance Society approve demutualisation |
| 1998 |
Old Mutual acquires private client stockbroker Albert E Sharp. merging it with Capel-Cure Myers to form Capel-Cure Sharp |
| 1997 |
Old Mutual acquires UK private client stockbroker and investment manager, Capel-Cure Myers |
| 1997 |
Skandia launches in Italy |
| 1995 |
Old Mutual Investment Advisers is established in Boston, USA.
Old Mutual opens offices in Hong Kong and Guernsey
|
| 1994 |
Skandiabanken founded |
| 1994 |
End of apartheid and creation of a new South African government led by Nelson Mandela |
| 1993 |
Old Mutual Asset Managers is founded as a new subsidiary company |
| 1986 |
Old Mutual makes its first entry into the UK market with the acquisition of Providence Capital |
| 1985 |
Mike Levett is appointed as Chief Executive of the Group's South African life company |
| 1982 |
Old Mutual becomes the first South African life assurer to receive R1 billion in premium income in one year |
| 1981 |
Skandia insures space travel for NASA |
| 1979 |
Skandia launches in the United Kingdom |
| 1973 |
Old Mutual acquires a shareholding in Nedcor Bank |
| 1971 |
Old Mutual's premium income exceeds R100 million a year |
| 1970 |
Old Mutual acquires a majority shareholding in the newly-formed Mutual & Federal. |
| 1966 |
Old Mutual forms the South African Mutual Unit Trust Company Limited to administer its mutual fund/unit trust activities |
| 1957 |
Skandia uses a computer for the first time - the IBM650, also known as the magnetic Drum Calculator |
| 1956 |
Mutualpark in Pinelands is opened and is the largest office block in the southern hemisphere at the time |
| 1954 |
Old Mutual issues its millionth policy |
| 1953 |
Skandia launches in Colombia |
| 1939 |
Old Mutual's Art Deco head office in Cape Town opens; at 96.8 metres the tallest man-made building in Africa at the time |
| 1936 |
Skandia becomes the first company in Sweden to employ married woman |
| 1927 |
Old Mutual opens its first office in the capital of Zimbabwe, Harare (then known as Rhodesia and Salisbury respectively) |
| 1920 |
Old Mutual opens its first office in the capital of Namibia, Windhoek (then known as South West Africa) |
| 1910 |
Old Mutual Chairman John X Merriman is elected first premier of the Cape Colony
|
| 1906 |
On April 18, large areas of San Francisco are devastated by a major earthquake. Skandia faces its largest claim ever, but is able to fulfil commitment and pay all claims |
| 1901 |
The first women is employed in the Oudtshoorn branch |
| 1885 |
The company changes its name to South Africa Mutual Life Assurance Society but, in the face of increasing competition from new mutual aid institutions, starts to refer to itself as "Old Mutual" to emphasise the fact that it was South Africa's first mutual society |
| 1870 |
Skandia introduces accident and life insurance |
| 1870 |
Old Mutual's emblem is designed by board chairman Charles Bell. The interlocking anchors represent mutual strength. |
| 1845 |
Scotsman John Fairbairn founds The Mutual Life Assurance Society of the Cape of Good Hope with no initial capital other than the premiums of its first 166 policyholders |
