Is Old Mutual Wealth Set for 2017 Float?

by | May 24, 2016

Share this article

Facebook Open Graph

It’s being reported that Old Mutual Wealth is heading for a stock market flotation in early 2017 as its parent company, Old Mutual, readies a sale of its US business.

The Financial Times has run a story which says that the board of Old Mutual has backed a sale of its 66% holding in Old Mutual Asset Management, listed in the US, to Affiliated Managers group.

Once the deal completes, some 10% of Old Mutual Wealth will be offered to UK investors via an IPO. The remaining 90% of Old Mutual Wealth would then, says the report, be taken over by Old Mutual shareholders through stock market listings in both London and Johannesburg.

 
 

Old Mutual is made up of various firms, including advice network Intrinsic, asset manager Old Mutual Global Investors and discretionary fund manager Quilter Cheviot.

Plans are on the table to break-up Old Mutual and it’s also being reported that a number of private equity businesses are interested in buying Old Mutual Wealth.

Old Mutual issued a stock exchange announcement this morning: “In response to media speculation, Old Mutual plc (“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 plc (“OMAM”), 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. Further statements will be made if and when appropriate.”

Share this article

Related articles

Study Ranks Dubai #1 City for Expats: 2024 Data

Study Ranks Dubai #1 City for Expats: 2024 Data

Dubai is the best city to move to, attracting by high average salary, quality of life, safety rate and good infrastructure. Both the UAE and Japan are the big winners, each having 2 cities on the list. Osaka attracts...

Sign up to the IFA Magazine Newsletter

Trending articles

IFA Talk logo

IFA Talk is our flagship podcast, that fits perfectly into your busy life, bringing the latest insight, analysis, news and interviews to you, wherever you are.

IFA Talk Podcast - listen to the latest episode

x