Old Mutual's Rainmaker Quits Over Lost R1 Million Bonus
Noseweek|October 2019
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's Rainmaker Quits Over Lost R1 Million Bonus

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).

This story is from the October 2019 edition of Noseweek.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the October 2019 edition of Noseweek.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM NOSEWEEKView All
Lennie The Liquidator Faces R500,000 Defamation Suit
Noseweek

Lennie The Liquidator Faces R500,000 Defamation Suit

After losing his cool when his fees were questioned

time-read
10+ mins  |
September 2020
Panel Beater De Luxe
Noseweek

Panel Beater De Luxe

Danmar Autobody and its erstwhile directors get a serious panel beating in court papers. Corruption and theft are said to have destroyed the firm chaired by Nelson Mandela’s eldest daughter, leaving 200 workers destitute and threatening to kill.

time-read
8 mins  |
September 2020
Meet Covid Diarist Ronald Wohlman
Noseweek

Meet Covid Diarist Ronald Wohlman

Ronald Wohlman – EX SOUTH African copywriter, author, and actor – never dreamt that his lockdown diaries, written on Facebook and followed by people all over the world – would become his “life’s work”.

time-read
10+ mins  |
September 2020
A Picture Of Peace?
Noseweek

A Picture Of Peace?

Beware: Appearances can be deceptive

time-read
6 mins  |
September 2020
Flogging A (Battery-Driven) Dead Horse
Noseweek

Flogging A (Battery-Driven) Dead Horse

Why plug-in vehicles are not all they’re cracked up to be– and, likely, never will be

time-read
4 mins  |
September 2020
Everybody Drinks Corona
Noseweek

Everybody Drinks Corona

I am hesitant to go Into the pub today. Not because it’s illegal, but there is a crème colored 1985 Mercedes 300D parked behind the pine tree. This means the devil is inside; that’s what we call Dr. De Villiers. You don’t know whether you will encounter the good doctor with the charming bedside manner or the violent, bipolar bully. The problem is, most of the time, you can never be sure which it is, so it’s best to always keep a social distance.

time-read
3 mins  |
May 2020
Never Take A Hypochondriac To A Pandemic
Noseweek

Never Take A Hypochondriac To A Pandemic

From Ronald Wohlman’s New York Corona Diary

time-read
4 mins  |
May 2020
The money train
Noseweek

The money train

Transnet in court battle with liquidators of Gupta-linked audit firm over R57m in ‘corrupt’ payments and invoices

time-read
10+ mins  |
May 2020
‘He's no pharmaceutical genius, he's a vulture'
Noseweek

‘He's no pharmaceutical genius, he's a vulture'

Pharma con seeks prison release to ‘help find Covid cure’

time-read
8 mins  |
May 2020
Bush school – A memoir
Noseweek

Bush school – A memoir

OUR SCHOOL WAS IN THE MIDDLE of the bush, ten miles from the nearest town in the harsh beauty of the Zimbabwean highveld. It started life in World War II as No 26 EFTS Guinea Fowl, a Royal Air Force elementary flying training school and I arrived there in 1954, just seven years after it became an all-white co-ed state boarding school.

time-read
10+ mins  |
May 2020