Old Mutual has confirmed it plans to sell as much as 9.6 per cent of its Quilter subsidiary when the latter company floats on the UK stock exchange later this year.
Quilter is the business formerly known Old Mutual Wealth.
Old Mutual is splitting from its UK business as part of a “managed seperation".
The single strategy funds of the Old Mutual Global Investors business are being sold to the management team led by fund manager Richard Buxton, and a private equity firm.
The precise percentage of the Quilter business to be sold by Old Mutual will be determined by the price range.
Paul Feeney, chief executive of Quilter, said: “The announcements last week by Old Mutual plc regarding the successful passing of the shareholder resolution at its court and shareholder meetings and today of its intention to proceed with a global offering of up to 9.6 per cent of Quilter moves us closer to becoming a listed, independent wealth management business.
"We believe that our leading position in the UK, one of the world’s largest wealth markets, our multi-channel customer proposition and our strong investment performance position Quilter for continued success.
"Together with our experienced management team, I am excited to lead Quilter into this new era and look forward to helping to create prosperity for our customers, shareholders and employees.”