Old Mutual cuts offshore activity

In a bid to boost profitability on its international products, Old Mutual is cutting back its offshore presence and moving from direct intermediary sales to distributing via banks and corporates. Meanwhile, the company has launched a fund of hedge funds aimed primarily at the South African market. Omega, Old Mutual International's long-term single premium offshore bond, has stopped accepting new applications and is concentrating on products like Prima, which is a shorter-term product with premiums that are low frequency and high value. Jane Berntsen, marketing communications manager for...