Quilter Plc, the business until recently known as Old Mutual Wealth, has floated on the London Stock Exchange with a valuation of about £2.76bn.
The business excludes the “single strategy” funds operation of which Richard Buxton is chief executive. That business has been sold to a group of private equity investors and the management team, led by Mr Buxton.
The multi-asset fund management division, led by Anthony Gillham, remains part of the Quilter business.
Directors and prospective directors of the business will own 0.53 per cent of Quilter..
Paul Feeney, chief executive at Quilter said: “Today is an important milestone in the history of our business and I am immensely proud of what we have achieved. We are delighted to be in a position to list as a standalone business and are excited by the opportunities ahead of us.
"We are making good progress towards our vision of becoming the UK's leading wealth management business.
"Our proven multi-channel business model is delivering value for our customers, advisers and shareholders.
"Having established leading positions across one of the largest wealth management markets in the world, and it is a structural growth market, I believe we have great momentum to build on our success and a bright future ahead."
Mr Feeney owns 0.075 per cent of the company.
As a result of the float, shares in Old Mutual Plc, a holding companies for various divisions, have been suspended from trading on the London and other stock markets.
David.Thorpe@ft.com
