The firm is set for an initial public offering in 2018 as it looks to breakaway from the Old Mutual Group.

Old Mutual Wealth is set to become Quilter, as the wealth management arm prepares for its separation from Old Mutual. This publication first reported in May that Old Mutual is planning to sell off its wealth management arm through an initial public offering in 2018.

The firm says that Quilter was chosen because it is a “brand that stands for quality for personal service and for dependability, and for values that remain at the heart of Old Mutual Wealth’s business philosophy today”, it said in a statement.

It also added that Old Mutual Wealth will re-segment the business into two divisions: advice and wealth management, and wealth platforms. 

The advice and wealth management segment will include: Intrinsic, which will be rebranded to Quilter Financial Planning; the multi-asset business, which will become Quilter Investors, and the private client business Quilter Cheviot will retain its name.

The wealth platforms segment will include the UK platform which will become Quilter Wealth Solutions, and Old Mutual Wealth's international business which will become Quilter International. The Heritage life assurance business in this segment will become Quilter Life Assurance.

The firm intends to rebrand the businesses within the segments over a period of approximately two years from separation from Old Mutual. There will be no immediate changes for customers.

Old Mutual Wealth remains on track to list in 2018 at the earliest opportunity after Old Mutual's 2017 full year financial results.

Old Mutual Global Investors
Both Old Mutual Wealth and Old Mutual also said it will continue to assess, together with the management of Old Mutual Global Investors, the internal and external structures for the single strategy business in a bid to continue to develop it further.