Manuel joins Old Mu­tual

CityPress - - News -

Old Mu­tual SA has scored a mas­sive boost in its aim to com­ply with the Twin Peaks su­per­vi­sory regime with the an­nounce­ment that for­mer fi­nance min­is­ter Trevor Manuel will be­come its chair­per­son.

Manuel joins Old Mu­tual in Jan­uary and will be­come a mem­ber of the board risk com­mit­tee in an­tic­i­pa­tion that he will be­come the chair­per­son of Old Mu­tual Group Hold­ings af­ter in­cum­bent Paul Han­ratty leaves the group dur­ing the course of next year.

“I am very much look­ing for­ward to be­ing able to con­trib­ute to the Old Mu­tual Group’s fur­ther de­vel­op­ment over the com­ing years,” Manuel said.

The board un­der Manuel’s lead­er­ship will tackle is­sues stem­ming from South Africa’s Twin Peaks su­per­vi­sory regime.

The Twin Peaks model, un­veiled in 2011, aims to im­prove the lo­cal fi­nan­cial ser­vices sec­tor’s reg­u­la­tory frame­work, where the SA Re­serve Bank would act as the pru­den­tial su­per­vi­sor, while the Fi­nan­cial Ser­vices Board would reg­u­late mar­ket con­duct.

– Fin24

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