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Old Mutual says may launch small IPO for Old Mutual Wealth
May 25, 2017 / 6:59 AM / 4 months ago

Old Mutual says may launch small IPO for Old Mutual Wealth

FILE PHOTO: Workers clean windows outside the Cape Town headquarters of Anglo-South African financial services company Old Mutual, March 7, 2016. REUTERS/Mike Hutchings/File Photo

LONDON (Reuters) - Anglo-South African financial services group Old Mutual may launch a small initial public offering for its UK wealth management arm as part of a planned break-up of the company, it said on Thursday.

Old Mutual is planning to break itself up into four parts as it says regulatory change makes the company too complex to run in its current form.

The firm aims to list Old Mutual Wealth as well as its emerging markets division in London and Johannesburg “at the earliest opportunity in 2018 after our full year results”, chief executive Bruce Hemphill said in a statement ahead of Old Mutual’s annual general meeting.

The listings are likely to take the form of a demerger, benefiting existing shareholders, but “with the possibility of a small initial public offering” for the wealth management division, the company said.

Reporting by Carolyn Cohn; Editing by Rachel Armstrong

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