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BRIEF-Old Mutual sees 2016 corporate costs in-line with a year earlier
October 11, 2016 / 9:12 AM / 10 months ago

BRIEF-Old Mutual sees 2016 corporate costs in-line with a year earlier

Oct 11 (Reuters) - Old Mutual Plc

* Old mutual plc - capital markets day

* Intend to continue with phased reduction of our 66% holding in omam in an orderly manner while supporting development of its strategy

* Omw has announced that for three months ended 30 september 2016, it recorded net client cash flow of £0.9 billion (q3 2015: £2.3 billion)

* Through asset disposals and use of old mutual's surplus cash, we intend to materially reduce old mutual's holding company debt

* Omw had funds under management of £119 billion (fy 2015: £104 billion) for 3 mths ended sept 30

* Old mutual - currently estimated at £5 million to £10 million per annum; and one-off costs of between £50-£65 million for winding down head office and its activities in london.

* Corporate costs in 2016 are expected to be in line with 2015

* For omw, managed separation costs and business stand-alone costs in second half of 2016 are expected to be approximately £10 million

* Total cost to complete re-platforming of it business platform will be in range of £425 million to £450 million, excluding any further spend on heritage Source text for Eikon: Further company coverage:

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