Financial services group Old Mutual has announced plans to launch a small initial public offering (IPO) for its wealth management unit in the UK.
The move is part of Old Mutual’s plan to split its business into four entities, which was first announced in March 2016. The four entities are Old Mutual Wealth, Nedbank, Old Mutual Emerging Markets business and Old Mutual Asset Management.
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As part of the separation strategy, Old Mutual will spin its wealth and emerging markets divisions into individual listed entities on the London and Johannesburg stock exchanges.
The listings are expected to occur in 2018 after Old Mutual’s 2017 annual results, the firm confirmed.
The managed separation would lead to the creation of a South African holding company named Old Mutual Limited that will include Old Mutual Emerging Markets, the group’s Nedbank shareholding and Old Mutual. The other entity would mainly comprise Old Mutual Wealth.
Old Mutual CEO Bruce Hemphill said: “We are very pleased with the progress we have made since announcing managed separation. We have said we would create four independent businesses, and with the recently announced transactions in respect of OMAM, that business is now independent.
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By GlobalData“We are aiming to complete the two listings that will materially deliver the managed separation at the earliest opportunity in 2018 after our full year results, subject to regulatory and other approvals.”
