Old Mutual is planning to float its UK wealth division in 2017 as its break-up plan gathers pace.
The FT reports the group will sell 10 per cent of Old Mutual Wealth through an IPO, with the remaining 90 per cent distributed to shareholders through listings in London and Johannesburg.
US asset management business Old Mutual Asset Management is close to a sale to New York-listed Affiliated Managers Group, the newspaper adds.
The South African firm revealed in March it would split its four business following a strategic review.
US private equity groups are reportedly circling the wealth division.
Remaining parts of the group are set to be relocated back to South Africa with a focus on insurance and investment in emerging markets, particulary Africa.
An Old Mutual statement says: “Old Mutual can confirm that it is continuing to assess the options available to it with regard to the preferred route to effect the managed separation announced on 11 March 2016.
“We will update the market as and when appropriate. As a consequence of the decision to proceed with the managed separation of Old Mutual, we expect to receive interest in our assets periodically.
“With regard to OM Asset Management, Old Mutual confirms that it has received approaches from third parties to acquire its stake in OMAM.
“There can be no certainty that these approaches will lead to any transaction or any certainty as to the terms on which any such transaction might proceed.”