Strategy
Old Mutual Announces Restructure, Wealth Management IPO
The Anglo-South African firm last week announced its plans to break up the company further.
Old Mutual is
planning to sell off its wealth management arm through an initial
public offering next year, as the split of the firm gathers
momentum.
The Anglo-South African financial services group currently has a
London listing and is a member of the FTSE 100.
But due to regulatory pressure, it is planning to break itself up
into four parts as it is too complex to run in its current form,
the group has said.
The firm is aiming to list Old Mutual Wealth as well as its
emerging markets division in London and Johannesburg “at the
earliest opportunity in 2018 after Old Mutual plc's 2017 full
year results,” it said in a statement last week.
The listings are subject to regulatory and other approvals, Old
Mutual added.
Meanwhile, a South African holding company named Old Mutual
Limited will be established and dual-listed. It will own stakes
in Old Mutual Emerging Markets and Nedbank, as well as what
remains of the plc.
Old Mutual will spin-off Nedbank by reducing its interest to a
remaining “strategic minority shareholding”.
Last December, the firm listed its asset management arm on the
New York stock Exchange.
