Old Mutual enters next phase of managed separation

Next stage of group split

Old Mutual has continued with its ongoing managed separation with the public offering of 13 million ordinary shares in US business Old Mutual Asset Management (OMAM).

The shares are being offered by Old Mutual through its wholly owned subsidiary, OM Group (UK). In addition, in a private transaction OMAM entered into a repurchase agreement with Old Mutual and OM Group (UK) where OMAM has agreed to purchase six millon ordinary shares directly from OM Group (UK) at the price sold to the public. The move is part of the managed separation, which was first announced earlier this year. The firm is in the process of splitting up its four main businesses - Old Mutual Emerging Markets, Old Mutual Wealth, Nedbank Group and OM Asset Management in the US. ...