CAPE TOWN, South Africa, July 29, 2003 (PRIMEZONE) -- Old Mutual Asset Managers (South Africa) (OMAM (SA)) today announced the appointment of Sello Moloko as CEO (Designate) with immediate effect. It is intended that Moloko will work with incumbent Tim Cumming until January 1, 2004, whereafter he will assume full responsibility for the company.
Making the announcement to staff and clients today, Cumming explained how the appointment is the conclusion of an ongoing "succession and career development" plan within the group. He also expressed his happiness at Moloko's appointment. "Sello has been a key member in our executive team and has contributed a great deal to OMAM's success. As the executive director responsible for the Portfolio, Mandate and Risk Management functions within the company he has shown that he is a solid manager who leads with integrity. I have every confidence that he will grow the business even more in his new role and that he will ensure continued delivery of solid results to our clients and shareholders."
Cumming, who has been CEO of OMAM since April 1998, will be moving to a new role within Old Mutual next year, which will be announced at a later date. "I have been fortunate to spend the last 5 years with such a great team in OMAM and am very proud of the progress and development of the firm as well as the Old Mutual Group as a whole. I am also excited about the challenges and prospects going forward," he said.
Thanking Cumming for the work he has done at OMAM, Old Mutual South Africa MD Roddy Sparks said he "looked forward" to continued involvement from Cumming at executive level -- saying that his expertise and investment insights were "invaluable" to the company.
"However we are delighted to have the depth of talent in our company that enables us to appoint Sello as a successor to Tim and we look forward to his leadership and continued contribution to the Old Mutual Group," Sparks said.
Peter Linley, who has considerable experience as a senior investment professional will take on Moloko's current responsibilities. Linley's current role as head of Marketing and Business Development for OMAM (SA), will be shared by Moloko and Linley until further notice.
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Issued by: Tony Lankester Manager: External Communications Old Mutual SA Cell: 072 444 1599 Landline: 021 504 4100 Email: tony@oldmutual.com
Notes to Editors:
The Old Mutual Group
Old Mutual plc (Other OTC:ODMTF) (LSE:OML) is an international financial services group whose activities are focused on asset gathering and asset management. We offer a diverse range of financial services in three principal geographies: South Africa, the United States and the United Kingdom. The company is listed on the London Stock Exchange with a market capitalization of approximately $5.8 billion (R44 billion) as of July 23rd, 2003.
Old Mutual Group in South Africa
In South Africa, we are the largest financial services business, through our life assurance, asset management, banking and general insurance operations. Old Mutual South Africa owns majority stakes in Nedcor, and Mutual and Federal. The company serves 4 million life assurance policyholders and employs over 13,000 South Africans in its life assurance and asset management operations.
OMAM (SA)
OMAM (SA) is the largest asset management firm in South Africa responsible for the investment management of R243bn of clients' assets. OMAM (SA) manages most of the assets of the Old Mutual Life company, some of Old Mutual's SA shareholder funds, Old Mutual Unit Trusts portfolios as well a range of 3rd party institutional client funds (mostly pension funds). OMAM (SA) offers a broad range of conventional and alternative asset management capabilities to clients on an institutional and "wholesale retail" basis. It manages its clients' domestic assets from its offices in Cape Town and has their clients' international assets sub-advised through its sister asset management companies in the Old Mutual Group located in the UK, USA and Bermuda. It has a staff complement of 250.
Brief notes on Sello Moloko:
DATE OF BIRTH: 6 July 1965 EDUCATION: BSc (Hons) (Mathematics); Post Graduate Certificate in Education (PGCE) University of Leicester POSITION SINCE JAN 2002: Head: Portfolio and Mandate ManagementExecutive Director PREVIOUS EXPERIENCE: Sello joined OMAM in August 1999, after having spent three and a half years at Brait Asset Managers where he was the Deputy CEO and also had portfolio management and marketing responsibilities. Prior to that, he gained extensive actuarial experience (Employee Benefits) from Southern Life, Alexander Forbes and OMAC. Sello joined OMAM as a Senior Portfolio Manager, and later assumed management responsibility for the 3rd party institutional funds' portfolio management team. CURRENT RESPONSIBILITY: Sello's current role involves overall responsibility for OMAM (SA)'s portfolio / mandate management activities, which includes the management of the 3rd party institutional funds, policyholder & shareholder funds, and Unit Trusts portfolio management teams. He is also in charge of the risk management function.