Quilter’s non-executive chairman Glyn Jones has bought shares in Old Mutual in a transaction totaling around £646,713.
Old Mutual said in a regulatory filing on Thursday that Jones had purchased 268,792 shares in Old Mutual plc at a price of £2.406 per share on 30 May 2018.
Last Friday, Old Mutual received overwhelming shareholder approval to sell a stake of its Quilter subsidiary – formerly known as Old Mutual Wealth.
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.
Jones replaced Old Mutual chief executive Bruce Hemphill as chair of Old Mutual Wealth in September last year.