Johannesburg-based Old Mutual has broken up and re-named its local asset management business to align it to the strategies it used for its i...

Johannesburg-based Old Mutual has broken up and re-named its local asset management business to align it to the strategies it used for its investment management units in the US and the UK. The new business will comprise 12 boutiques, to be collectively called Old Mutual Investment Group South Africa. Each boutique will have its own manager. The units will share information technology infrastructure, marketing, distribution, trading, research, back-office administration and compliance. Thabo Dloti, chief executive of Omigsa, said the change from the old structure was in line with the parent company's push for a common strategy among its asset management units around the globe. He said the future required that the business be remodelled to sharpen its focus on investing. Omigsa will manage almost R400 billion ($56 billion) in funds.