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Philip Broadley reeled in to fix Old Mutual

Broadley replaces Jonathan Nicholls, who left to pursue a career outside the
insurance industry. Nicholls presided over large emergency cash injections of
$157m in September and $250m in October to the Mut’s struggling US life
business.

Broadley joins new chief executive Julian Roberts who was group FD of
Old
Mutual
before joining its UK business, Skandia, as CEO in 2006.

He has a mucky job on his hands to wrestle Old Mutual from the slough of
despond it has been hurled into by huge losses from the subprime collapse and
the bail-out of Fannie Mae and Freddie Mac. But who can say if he is there to
save the business as it is, or prepare it for a cash-generating alternative.

  • David Lindsay of stockbroker Collins Stewart will step down as FD, but
    remain employed there “for the time being”. The group gave no further details on
    Lindsay’s departure, which comes just 18 months after he joined.

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