Old Mutual CEO resigns as $135m US write-down announced

clock

Old Mutual CEO Jim Sutcliffe has resigned and will be replaced by Skandia chief executive Julian Roberts as news emerges of a $135m write-down for the group's US business.

Roberts has been chief executive of Skandia since February 2006 and previously group finance director of Old Mutual plc. He will take on the new role with immediate effect. Sutcliffe’s resignation comes as Old Mutual announces a $153m write-down in stock held by its US life business in Fannie Mae and Freddie Mac. The write-down is a result of the Government’s bail-out of the stricken lenders over the weekend which led to a significant fall in their market value. Old Mutual says the write-down will be taken through adjusted operating profits over five years. The write-down strikes ano...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Why human connection remains central in a digitally enabled advice sector

Why human connection remains central in a digitally enabled advice sector

'It is clear that the sector is moving through a significant period of transformation'

Tim Riseborough
clock 17 December 2025 • 3 min read
Why advisers shouldn't rush into private markets

Why advisers shouldn't rush into private markets

'There's only so long the hamster wheel can keep turning'

Justin Cash
clock 15 December 2025 • 4 min read
Adviser workload set to rocket ahead of IHT on pensions changes

Adviser workload set to rocket ahead of IHT on pensions changes

Large volumes of clients will need reviews of financial plans

Isabel Baxter
clock 15 December 2025 • 3 min read