Update: Old Mutual Wealth's Feeney on 'big step to become a PLC in our own right'

Old Mutual embarking on managed separation of business

Old Mutual Wealth (OMW) chief executive Paul Feeney has spoken about the evolution of the firm as it moves to become a separate entity from parent firm Old Mutual.

Speaking at the firm's Capital Markets Day, Feeney (pictured) spoke about the managed separation of Old Mutual, which will see OMW being demerged and listed independently on the London and Johannesburg stock exchange. Feeney said: "It is a big step to become a PLC in our own right and there is a lot to do but we are making good progress. "We have a leading position in a large and growing market, a unique business model, recruited a highly capable team which should allow us to deliver greater flows and enhance shareholder value." He said a large part of the firm's focus was on "furt...