Old Mutual to float US asset management arm

Old Mutual has announced the intention to float its US asset management arm OM Asset Management.

The group announced the move today which will see 18.3 per cent of the business sold via initial public offering at a share price range of between $15 and $17.

The float book is being run by BofA Merrill Lynch, Morgan Stanley, Citigroup, and Credit Suisse Securities.

OM Asset Management currently has around $215bn assets under management.

The shares have been approved by the New York Stock Exchange under the symbol OMAM.