The rebranded firm has launched on the London Stock Exchange via an IPO.

UK-based wealth management firm Quilter, which used to be called Old Mutual Wealth, has started trading on the London Stock Exchange after splitting from its former Old Mutual parent.

Quilter priced its initial public offering at 145 pence per ordinary share yesterday. Based on that offer price, it has a market cap of around £2.758 billion. The offer comprised 165,010,507 existing ordinary shares.

"We are making good progress towards our vision of becoming the UK's leading wealth management business,” Paul Feeney, Quilter’s chief executive, said in a statement yesterday. 

The Quilter business involves two parts: Wealth Platforms and Advice and Wealth Management. Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Old Mutual Wealth's multi-asset investment solutions business. The Quilter businesses will be re-branded to Quilter during a period of about two years after the split from Old Mutual.

Old Mutual Wealth announced last November that it intended to list under the Quilter name.

The Quilter brand has been on a complex ownership ride, being at one point owned by the likes of Citigroup and Morgan Stanley. The original Quilter business dates back to 1771. In 2013 Cheviot Asset Management (a firm formed by a former group of UBS wealth managers) merged with Quilter, which in 2012 had been bought by private equity house Bridgepoint. Old Mutual Wealth agreed to buy Quilter Cheviot Investment Management from Bridgepoint in October 2014; that deal completed in 2015. 

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