OLD Mutual International, South Africa's biggest life insurance group with about US$35 billion under management, has increased its stake in Collingwood Investment, the troubled financial services company.
Director Soula Proxenos said it had taken up a further 48.9 per cent, lifting its total holding to 99 per cent.
Details on how much the company spent on the remaining stake were not available.
The purchase follows the resignation of Collingwood's London-based managing director, Grant Wettle, and the announcement that two Hong Kong directors are to be replaced.
Hong Kong director Trevor Larkin and Tim Walsh, former Hong Kong sales director based in Abu Dhabi, are to be seconded to London to take up the positions of joint managing directors. A decision has yet to be made on who will take the top Hong Kong job.
Collingwood is awaiting the outcome of an investigation by the Securities and Futures Commission into its sales practices and whether it was offering unauthorised products.
