Old Mutual plc (LSE: OML) announced that its UK subsidiary Skandia UK Holdings Limited has completed the sale of the Bankhall Group to the Friends Provident subsidiary The Sesame Group. The total gross assets disposed of are £11.8m.
Old Mutual plc is a leading international long-term savings Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in Europe, the Americas, Africa and Asia. Skandia UK is Old Mutual’s investment and fund management arm.
Bankhall supplies support services to Financial Advisers in the UK, they are authorised and regulated by the Financial Services Authority. In the year ended 31 December 2008 the turnover of the Bankhall Group of companies was £16.8m.