Old Mutual has launched an initial public offering of its subsidiary OM Asset Management Limited, the holding company for Old Mutual’s US-based institutional asset management business.
The firm intends to sell 18.3 per cent of OM Asset Management’s ordinary shares at a price per share range between $15.00 (£9.15) and $17.00 (£10.37) on the London Stock Exchange.
Old Mutual has also granted the underwriters a 30-day over-allotment option to purchase up to an additional 3,300,000 shares.
The offering is being made through global co-ordinators and joint book-running managers Bank of America, Merrill Lynch, Morgan Stanley, Citigroup and Credit Suisse Securities.
OM Asset Management is a global, multi-boutique asset management company with approximately $215bn (£131.21bn) of assets under management as of 30 June.
