Old Mutual Wealth will float on the London Stock Exchange as Quilter with a share price of between £1.25 and £1.55.
With around 1.9bn shares likely to be made available, this would give Quilter a market cap of between £2.37bn and £2.94bn.
This is the latest stage in the company’s managed separation from Old Mutual, which will take place later this month.
The company will float on the London Stock Exchange and the Johannesburg Stock Exchange on Monday 25 June, which will also be the date the managed separation from the wider Old Mutual group becomes effective.
Old Mutual Wealth also announced that Ruth Markland – a non-executive director at Deloitte – has been appointed as a non-executive director and senior independent director of the company, effective from admission of its shares to the London Stock Exchange.
In relation to Old Mutual’s sale of part of Old Mutual Global Investors, which is subject to a management buy-out led by chief executive Richard Buxton, the company said it had received regulatory approval for this to go ahead.
Mr Buxton is buying what is known as the 'single strategy' arm of the fund business, as opposed to the multi-asset arm, which will remain with Old Mutual Wealth – or Quilter, as it is being rebranded.
In a statement, Old Mutual said the OMGI transaction was progressing in line with plans but it may be completed shortly after the managed separation of the rest of the company, with the exact timing out of Old Mutual’s hands.
Mr Buxton has teamed up with private equity firm TA Associates to buyout the single strategy funds business of Old Mutual.
He said his aim is for the business to be a boutique, with the funds having high active shares and a high level of alpha.
damian.fantato@ft.com
