Old Mutual has more than US$1 billion under its management in Zimbabwe

Old Mutual has R16.14 billion under its management in Zimbabwe, the third highest on the African continent excluding South Africa, the director of Old Mutual Investment Group Hywel George said.

According to Business Day, the insurance giant, which is one of the largest institutional investors in Zimbabwe, has R50 billion in funds under its management across Africa excluding its hub South Africa.

Nigeria tops the list with R20 billion followed by Namibia with R19.51 billion, but George said Old Mutual is eyeing the Nigerian market because of its enormous savings pool.

Nigeria has more than 200 million people, four times the population of South Africa.

Other major Old Mutual investments are in Kenya which has R10.75 billion, Malawi with R2.64 billion and Swaziland with R590 million.

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