In a conference call earlier today, Old Mutual CEO Jim Sutcliffe said that a settlement in the fund-trading probe at Pilgrim Baxter would take months, Reuters reports.

"The negotiations are very complex," Sutcliffe reportedly said. "It is likely to be some months before it comes to a conclusion."

The firm is working to settle the case rather than go to court, he added. The CEO also indicated that he is in the market to acquire another firm in the U.K. Old Mutual is the No. 1 insurance company in South Africa.

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