Old Mutual Wealth  

Old Mutual chairman pledges 'further value' for shareholders

Old Mutual chairman pledges 'further value' for shareholders

Company splits and spin-outs at Old Mutual will “unlock further value for shareholders”, according to Patrick O’Sullivan, chairman of the company.

Mr O’Sullivan and other directors have indicated they will stand down as the separation of various parts of the business completes.

As FTAdviser has previously reported, the Old Mutual Wealth business floated on the London Stock Exchange on 25 June, under the name Quilter Plc.

This business incoporates the adviser network, the platform, and the multi-asset fund range, managed by Anthony Gillham.

Each of those businesses will, over the coming weeks, rebrand to the name Quilter.

The single strategy fund business is being sold to Old Mutual fund manager Richard Buxton and a group of private equity investors.

Mr O’Sullivan said the managed seperation of the various Old Mutual business units has occurred “six months ahead of schedule and on budget”.

"The managed separation will unlock further value for shareholders over time. Each of the individual businesses is well positioned and I look forward to watching them grow and prosper in future years," he told the market in an update this morning (26 June).

"When I joined Old Mutual plc as chairman in January 2010, I promised that I would leave the businesses stronger and with attractive prospects in their respective markets. All four companies now meet these objectives as separate, independent firms."