30th Jun 2014 12:10
LONDON (Alliance News) - Old Mutual PLC Monday said its newly formed holding company for its US-based institutional asset management business has filed documents in preparation for its proposed initial public offering of a minority stake in the unit.
The news comes after the investment, savings, insurance and banking provider said that Rogge Global Partners, one of its fixed income asset management affiliates based in the UK, will now report directly to the group instead of to the US asset management business.
Bank of America Merrill Lynch, Morgan Stanley & Co LLC, Citigroup, and Credit Suisse Securities (USA) LLC are the joint bookrunning managers for the IPO.
In February, Old Mutual said the purpose of the offering is to "enhance US Asset Management's financial and operating flexibility to deploy capital to continue to grow and develop further its multi-boutique asset management business."
Old Mutual shares were Monday quoted at 196.40 pence, up 0.2%.
By Samuel Agini; [email protected]; @samuelagini
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