Old Mutual Emerging Markets (OMEM) has appointed Bruce Hemphill, Chief Executive of Old Mutual, as chairman of the OMEM board, following Paul Hanratty stepping down from that position.

Hanratty left the company on September 15, 2015, but remains available until September 14, 2016 to provide support in a consultative capacity.

Hemphill said: “Paul has made an outstanding contribution to Old Mutual. He has dedicated over 30 years of his life to Old Mutual both in South Africa and more recently at Group level.”

Ralph Mupita, Chief Executive of Old Mutual Emerging Markets, said: “I would like to take this opportunity to pass my thanks on behalf of OMEM executive and staff on the significant contribution that Paul has made to the business over many years. I wish Paul all the best in his future endeavours.

“I am also very pleased that Bruce has agreed to Chair the OMEM board and I look forward to working closely with him. We are entering a very exciting period as we start the process of becoming an independent business."

Old Mutual announced on the March 11, 2016 that the long-term interests of its shareholders and other stakeholders would be best served by the parent separating its four strong businesses – OMEM, Nedbank, Old Mutual Wealth and OM Asset Management – from each other.

This new strategy seeks to unlock and create long-term value for shareholders.

Hemphill said: “I am delighted to be appointed as Chairman of the OMEM board. OMEM has a long and proud history of serving our customers and communities in South Africa and the wider African continent.

“As we work towards OMEM becoming an independent entity, our priority will be to ensure that the business is delivering enhanced performance relative to its peer group.”

Old Mutual Emerging Markets operates in 19 countries across Africa, Asia and Latin America.

The business provides individuals, businesses, corporates and institutions with long-term savings, protection, investment and lending solutions.

OMEM employs over 27,500 people and has more than 10 million customers.

In the year ending December 31, 2015, OMEM produced an adjusted operating profit of R12bn up 9% on the prior year and gross sales of R216bn, up 17% on the prior year.

The business had R990bn of funds under management as at the end of 2015.