Johannesburg - Old Mutual’s plan to separate its four businesses adds further uncertainty to South Africa’s financial-services industry, which is already under pressure after Barclays’s decision to reduce its ownership in the country’s third-largest lender.

While Old Mutual [JSE:OML] said it will spin off its 54% controlling stake in Nedbank Group [JSE:NED] to shareholders, it was short on details about plans for its emerging-market business, which is run from SA, as well as its US-based OM Asset Management business and its UK wealth operations.

Chief Executive Officer Bruce Hemphill said it would consider an initial public offering for some assets, without elaborating further.