LONDON, June 30 Insurer Old Mutual said
on Monday it had kicked off a planned listing of its U.S. asset
The move will give the company access to U.S. capital
markets as it looks to expand in the country, the world's
biggest asset management market, including through acquisition,
a spokesman said.
Old Mutual will cut its stake in the asset manager through
the listing but the size of the holding it will sell has 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 $175
million, according to documents filed with the U.S. Securities
and Exchange Commission.
The unit had net client cash flows of $2.4 billion between
April 1 and May 31, the filing said, which took assets under
management to $210.1 billion, up 3 percent from the end of
(Reporting by Simon Jessop; Editing by Steve Slater)