Old Mutual wealth management arm Quilter lists in London with valuation of £2.8bn
Old Mutual's wealth management division quilter has today listed in London at a price of 145p per share.
The company which was previously named Old Mutual Wealth today said its market capitalisation at admission would be around £2.8bn.
The offer comprises around 165,010,507 ordinary shares, which counts for around 8.7 per cent of the company's stock that will be in issue.
Today's listing represents the last stages of an Old Mutual break up announced in 2016 after the company said regulatory change was driving running costs up to unmanageable levels.
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Quilter offers financial advice, planning and investment platform services, and also has a secondary listing in Johannesburg. When it lists, Quilter is expected to enter the UK's mid-cap index FTMC.
Paul Feeney, chief executive officer of 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.