FT reports Old Mutual mulling partial stock sale of US asset management business

FTSE 100-listed Anglo-African financial services group Old Mutual is considering undertaking a part flotation of its US asset management business, an article published in the Financial Times has alleged.

FTSE 100-listed Anglo-African financial services group Old Mutual is considering undertaking a part flotation of its US asset management business, an article published in the Financial Times has alleged.

Patrick Bowes, Director of Communications at Old Mutual was cited by the newspaper as saying: "We are exploring a partial IPO [initial public offering] and not envisaging selling control. [We will go] along the lines of Axa and AllianceBernstein."

Nobody was available to comment when ShareCast contacted Old Mutual on Tuesday morning.

The timing of the partial stock sale was reportedly dependent on several conditions, such as markets, operating margins, net client cash flow and investment performance.

Bowes was cited saying there needed to be a "period of consistent client cash inflow".

In the year ended December 31st 2011, Old Mutual reported adjusted operating profit before tax of £1.5bn on an IFRS basis and had £267bn of funds under management from core operations.

Old Mutual's share price was up 1.73% to 200.30p at 11:03 on Tuesday.

MF

Recommended

Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021

Most Popular

The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
How to stop recurring subscriptions becoming a drain on your money
Personal finance

How to stop recurring subscriptions becoming a drain on your money

Tracking and pruning subscriptions isn’t as easy as it sounds. Here's how to take charge.
14 Sep 2021