Kenyan Financial Service Group Old Mutual to Exit Stock Brokerage Business

Old Mutual, a Kenyan financial service group, is exiting the stock brokerage business in the country to concentrate on its asset management unit.

Arthur Oginga, Chief executive of Old Mutual, said the firm is in talks with different companies to sell off the market intermediary business.

Old Mutual will continue with other businesses including managing pension fund assets, wealth units, and the collective investment schemes.

The financial service group has been operating Old Mutual Securities Limited licensed by the Capital Markets Authority of Kenya (CMA) as part of the group's investment banking business unit.

The firm said the exit from the stockbroking business will see the existing clients moved to another stock brokerage firm.

"As part of the reorganisation of the group, we have carried out a review of the business that we will choose to stay on. The stock brokerage business fell outside our perimeter in the sense of synergies between the different businesses that we got," said Mr Oginga.

Source: Business Daily