The integration of RMB Asset Management (RMBAM) and Metropolitan Asset Managers (MetAM) into one asset management entity is not without its challenges but it is progressing well. The company anticipates a full integration - in terms of outstanding appointments, processes and an equity selection process - by 31st July 2011. During the integration between RMBAM and MetAM, a key focus has been retaining key skills and capabilities, selecting the best investment talent, while earmarking and addressing areas for further improvement.
The merged group has the following operating divisions:
MMI Holdings has announced its branding strategy. The newly established group has decided to retain and apply its existing client-facing brands, Metropolitan and Momentum, in the six operating divisions. This means that MMI will capitalise and continue to build on the strengths and existing market positioning of the two complementary brands in their respective markets.
MMI, born out of the merger of Metropolitan and Momentum, released its financial results for the six months ended 31 December 2010 earlier today (Wednesday 9 March).
The board of directors of MMI Holdings Limited (MMI) has decided to withdraw the appeal, lodged at the Competition Appeals Court, regarding employment-related conditions imposed by the Competition Tribunal of South Africa (the tribunal).
MMI Holdings Limited ("MMI"), the new financial services company born from the merger of Metropolitan and Momentum, listed on the Johannesburg Stock Exchange today (1 December 2010), following eight months of intensive behind-the-scenes activity since the first transaction announcement in March 2010.
Momentum and Metropolitan today announced the business structure and leadership team for MMI Holdings Limited (MMI), in the proposed merger between these two insurance-based financial services companies. After completing one of the most comprehensive due diligence processes in South African corporate history and gaining all the requisite regulatory approvals, MMI will form the third largest listed insurer in South Africa, with an embedded value of around R30 billion. The Group is set to list on the JSE Limited on 1 December 2010.
All the suspensive conditions to the transaction between FirstRand, Momentum and Metropolitan were fulfilled this week, paving the way for the creation of the merged entity, MMI Holdings.
The Competition Tribunal approved the proposed merger of Metropolitan and Momentum to form MMI Holdings, subject to certain employment-related conditions. MMI Holdings will be the third largest listed life assurer in South Africa.
FirstRand, Momentum and Metropolitan today announced that they have reached agreement on the final terms to proceed with the merger of Metropolitan and Momentum, which will create the third largest listed insurer in South Africa with an embedded value of around R30 billion.
