November 15, 2017 / 7:19 AM / a year ago

Old Mutual wealth unit IPO on track for 2018; no decision on OMGI

LONDON (Reuters) - Anglo-South African insurer Old Mutual OML.L said on Wednesday it was on course to list its wealth unit in 2018 and announced a series of planned changes to the brand.

Once the separation from Old Mutual is complete, the wealth management company will become Quilter Plc, it said in a statement, returning to a brand that dates back to 1771. Old Mutual acquired investment manager Quilter Cheviot in 2015.

Old Mutual, whose primary share listing is on the London Stock Exchange, said in 2016 it planned to break itself up into four parts, blaming regulatory changes for making the company too complex to run in its current form.

It plans to list the wealth unit as soon as possible after the announcement in March of its annual results for 2017.

Old Mutual said it was splitting the wealth business into two divisions: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management will include UK financial adviser network Intrinsic, which will be rebranded as Quilter Financial Planning; the multi-asset business, which will become Quilter Investors; and Quilter Cheviot, which will retain its name.

Wealth Platforms will include the UK Platform, which will become Quilter Wealth Solutions, and Old Mutual Wealth’s International business, which will become Quilter International.

The rebranding will take place over two years.

As part of the break-up, Old Mutual is also looking to sell part of Old Mutual Global Investors (OMGI), the asset management business of Old Mutual Wealth.

The company said it was still conducting a review of the single-strategy fund unit run by veteran British investor Richard Buxton, including “internal and external structures”, but had yet to make a decision.

Reporting by Simon Jessop and Lawrence White; Editing by Mark Potter

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