News Column

Old Mutual set to list in the US

July 1, 2014

SIMON JESSOP



INSURER Old Mutual yesterday said it had kicked off a planned listing of its US asset management business.


The move would give the company access to US capital markets as it sought to expand in the country, the world's biggest asset management market, including through acquisition, a spokesman said.


Old Mutual would cut its stake in the asset manager through the listing but the size of the holding it would sell had yet to be determined, the spokesman said.


The new entity, to be called Old Mutual Asset Management, will pay its parent company a pre-IPO special dividend of $175m (£102.3m), according to documents filed with the US Securities and Exchange Commission.


Reuters


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Source: City A.M. (UK)


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