Old Mutual appoints College Hill after review

Old Mutual, the South African life assurance group, has appointed College Hill on fees believed to total pounds 600,000 to handle PR for its planned demutualisation and potential listing on the London Stock Exchange.

Old Mutual, the South African life assurance group, has appointed

College Hill on fees believed to total pounds 600,000 to handle PR for

its planned demutualisation and potential listing on the London Stock

Exchange.



Old Mutual initially appointed Citigate Communications in August to

handle the task but decided to put the business out to pitch again.

College Hill won the account after pitching against Bell Pottinger

Financial and Citigate for the business.



Old Mutual has around three million policy holders in South Africa and

may seek a main listing in London to gain easier access to funds from

international investors. Its chairman Mike Levett confirmed earlier this

week that it was talking to the South African Reserve Bank about the

planned listing. However, any decision to list the company in markets

outside South Africa may face political opposition.



College Hill’s 12-month role has two phases. First it will focus on

gaining the consent of policy holders for demutualisation. This will

involve targeting Old Mutual policy holders in South Africa, Zimbabwe,

Malawi, Namibia, Guernsey and Hong Kong.



If policy holders vote for demutualisation, the agency will then help

Old Mutual in its preparations for a stock market listing.



College Hill’s chairman Alex Sandberg has been attempting to build the

agency’s share of South African business for some time.



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