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10 November 2004 Angelo Copola

Old Mutual South Africa has named Sizwe Mncwango as the new head of its Group Schemes business.

Mncwango replaces Thabo Dloti who, earlier this year, was appointed Chief Executive Officer of Old Mutual Asset Managers (South Africa). The appointment takes immediate effect

Mncwango moves to Group Schemes from Old Mutual Healthcare, which he headed since he joined the group in July last year. Oxygen Sales Director David O'Brien will be Healthcare's Acting Managing Director, and a permanent appointment will be announced in due course.

Peter Moyo, Old Mutual Deputy Managing Director said that when Mncwango joined Old Mutual he had been charged with "turning the Healthcare business around by focusing on a return to profitability and constructing a strong leadership team; and then to lay the foundation for future growth in a tough market".

He said that these challenges had all been met, saying that Mncwango is leaving the business "in a strong position with an excellent management team in place".

Quick Polls

QUESTION

As National Treasury mulls a two-bucket retirement system, mandatory contributions and preservation, regulation 28 is being amended to allow up to 40% of retirement fund assets to be invested in SA-based infrastructure… Which of the following retirement fund ‘tweaks’ would you consider most beneficial to your clients?

ANSWER

Give fund members emergency access to retirement savings
Let fund members invest 40% in infrastructure
Let fund members invest 40% offshore
Mandatory preservation when resigning from a fund
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