Old Mutual Wealth is expecting to list on the London Stock Exchange as Quilter on 25 June, according to an investor prospectus, as the chief executive of parent company Old Mutual has resigned.
Bruce Hemphill, who has been Old Mutual group chief executive since November 2015, resigned from the boards of Old Mutual Group and Quilter on 19 April, a Friday stock exchange announcement said.
The announcement gave further detail of the group’s “managed separation”, which it says involves three main steps.
The first step is the Quilter listing and the distribution of 87 per cent of the total issued share capital to Old Mutual shareholders. The second step is the listing of Old Mutual Limited in South Africa and the third step is the proposed “unbundling” of subsidiary Nedbank, which would take place six months later.
Old Mutual Wealth confirmed in March it had changed its name to Quilter ahead of its plans to list and separate from Old Mutual.
The business’s subsidiaries will be re-branded to Quilter over a two-year period after the separation.
The prospectus outlines a proposed timeline for the Quilter listing with the main listing to the London Stock Exchange expected on 25 June.
The proposals to finalise the managed separation are subject to shareholder and UK court approval. A shareholder meeting will be held on 25 May.