- published: 11 Mar 2016
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Old Mutual plc (LSE: OML, JSE: OML) is an international long-term savings group. Established in 1845 in South Africa, it is now a FTSE100 listed company and has more than 12 million customers.
The company was founded by John Fairbairn, as a mutual insurance company in 1845 under the name of The Mutual Life Assurance Society of the Cape of Good Hope and became The South Africa Mutual Life Assurance Society in 1885.
In 1939 the Old Mutual art deco office opened in Darling Street as the Mutual Building (or, Mutual Gebou in Afrikaans) which has since been converted to residential use and known as "Mutual Heights". In 1956 Old Mutual relocated its Head Office to Mutualpark in Pinelands and was the largest office block in the southern hemisphere at the time.
In 1970 Old Mutual acquired a major shareholding in the newly formed Mutual & Federal, and later acquiring the remaining shares in 2010.
In 1973 Old Mutual acquired shareholdings in Nedcor Bank (renamed the Nedbank Group in 2005).
In 1997 and 1998 it acquired UK stockbrokers Capel-Cure Myres and Albert E. Sharpe respectively which then merged to form Capel-Cure Sharp.
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