Annual Report and Accounts 2010

Build a culture of excellence

Excellence comes from great people, great leadership and high standards

Rose Keanly (MD OMSTA and Head of LEAN, Long-Term Savings)

Rose Keanly

A team approach to better service

The LEAN approach, is a way of thinking at every level about what adds value to the customer, and eliminating what doesn't. It's about empowering employees to own and continuously improve their processes - and that can only be good for our customers.

Rose Keanly and her team at Old Mutual Service, Technology and Administration (OMSTA) in South Africa have made this kind of LEAN thinking part of their culture. Since 2007 they have reduced costs by around R660 million, with another R231 million to come over the next three years. Yet customer and intermediary service levels have gone from strength to strength - Old Mutual recently won its third successive Orange Ask Afrika award for best customer service in the South African long-term savings industry. So LEAN is helping us keep both customers and shareholders happy. And this success is satisfying for our people, too: since OMSTA's LEAN initiative began, staff morale has improved significantly.

This LEAN approach to thinking about delivery to customers, and running a business to achieve excellence, is now being explored across the whole Long-Term Savings business with support from Rose and her team in South Africa.

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David Sugimoto, Brian Arcese, Hans van den Berg, Ben Falcone, Erin Perkins (Echo Point Investment team)

Top investment team picks Old Mutual

Our US Asset Management business formed Echo Point Investment Management in 2010 with a newly-acquired team led by veteran portfolio manager Hans van den Berg. The entire team joined us after building a strong 15-year track record at 1838 Investment Advisors and Morgan Stanley Investment Management. Echo Point launched with $1.6 billion in assets under management.

Van den Berg's team sought clients' views before finding a new home. "Their clear preference was to see the team operate in a stable environment supported by world-class infrastructure and strong capital backing. And we must have cultural alignment, which includes investment autonomy."

From over a dozen firms they picked Old Mutual Asset Management (OMAM) for the quality of its people, investment autonomy for affiliates, marketing support, and opportunity for joint ownership. "OMAM provides the infrastructure and non-investment support we need to focus on continuing to meet or exceed long-term performance and risk targets for our clients, and develop relevant product extensions to meet demands in the market place," says Van den Berg.

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