Old Mutual is launching an initial public offering for its US subsidiary Old Mutual Asset Management.
The group said today it intends to sell 22 million, or 18.3%, of OM Asset Management ordinary shares at a price per share ranging from $15 to $17.
OM Asset Management is the holding company for Old Mutual's US-based $215bn institutional asset management business. It is a separate entity from Old Mutual Global Investors, the insurer's UK asset management arm.
The book for the IPO will be run by Bank of America Merrill Lynch, Morgan Stanley, Citigroup and Credit Suisse Securities.
Old Mutual has also granted the underwriters a 30-day over-allotment option to purchase up to an additional 3.3 million shares.