Old Mutual chief executive Bruce Hemphill expects the rest of the year to be about "hard work" on splitting up the group – and a 15% profit decline at its UK wealth business reflected that.

The Anglo-South African financial services group, which besides Old Mutual Wealth has an emerging markets business, a majority stake in South African lender Nedbank, and a largely US-based asset management division, is targeting a four-way breakup by the end of 2018.