If Old Mutual's South African insurance arm were listed separately in Johannesburg, it could escape European Solvency II capital rules that will make the group's capital position look worse than it is. If the US and UK parts were owned separately, they wouldn't be tainted by association with a South African economy suffering from political uncertainty and a 25% fall in the rand against the US dollar in the past year. According to Bernstein analysts, South African exchange controls force Old Mutual to load corporate costs onto the US and UK businesses – which wouldn't be the case if a slimmed-down group re-domiciled to Africa. The financials could be made to look enticing too. Old Mutual Wealth, the UK bit, is moving in the same direction as the vertically integrated St James' Place, providing investment advice as well as fund management.