Old Mutual's Rainmaker Quits Over Lost R1 Million Bonus

It’s a tale that Old Mutual would rather you weren’t told right now, while it asserts its claim to probity and good governance by ousting its CEO Peter Moyo over an alleged conflict of interest.

- Jack Lundin

OLD MUTUAL IS JUSTIFIABLY PROUD OF ITS FLAGSHIP SuperFund retirement umbrella fund, which holds more than R110bn of pension fund assets for a growing number of companies who have joined the trend to outsource the management of their employees’ retirement kitties.

In its 2019 interim results in September, South Africa’s oldest insurer reported that its SuperFund had significantly strengthened the group’s position in the institutional retirement fund market. A note to analysts stated that SuperFund’s premium income was 24% up in the period, “attributed in a large portion to Amplats and Coca- Cola”.

What it didn’t say is that this pleasing revenue boost from Amplats (Anglo American Platinum) and Coca-Cola was due to the untiring efforts of Qinisekile Dhlamini, superstar rainmaker of his new business sales team at Old Mutual Corporate.

But “Q”, as 41-year-old Dhlamini is known throughout the financial services industry, has left Old Mutual a disillusioned man.

These days the highflier’s remarkable sales talents are devoted to a new employer, Mutual’s arch-rival Sanlam. Last year “Q” Dhlamini surpassed his own sales record by persuading three corporates to hand over their pension funds totaling around R10 billion, plus ongoing premium contributions from some 22,500 fund members totalling R767m/year to Old Mutual’s SuperFund.

The three corporates were Amplats (Amplats Group Provident Fund R4bn, plus R367m/year ongoing contributions from 11,000 members); Coca-Cola Beverages South Africa (R4bn, plus R200m/year ongoing from 7500 members); and Siyanda Resources (R2bn, plus R200m/year from 4000 members).