Old Mutual confirms plans to sell up to 10% of shares

Old Mutual has confirmed that is approaching the FCA and London Stock Exchange to pursue its listing after receiving shareholder approval.

The firm, which is in the process of rebranding to Quilter, says it plans to move forward with an offer of up to 9.6 per cent of ordinary shares through listing.

It is targeting the main market on LSE and the main board of the Johannesburg Stock Exchange in its “global offer” separating up the business.

It has yet to set a price on the offer, but expects to confirm this on 11 June when it publishes a finalised number for the maximum shares to be sold and other final information.

On or around 25 June, we will know the final offer price and how many shares will be sold.

Quilter chief executive Paul Feeney says: “We believe that our leading position in the UK, one of the world’s largest wealth markets, our multi-channel customer proposition and our strong investment performance position Quilter for continued success.”

Old Mutual sold single strategy asset management business Old Mutual Global Investors to a partnership of OMGI chief executive Richard Buxton, the senior management team and private equity.

Old Mutual Wealth Management officially changed its name to Quilter in March. Subsidiaries including advice networks Intrinsic and Old Mutual Wealth Private Client Advisers will rebrand over the two years after the separation.

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