Old Mutual raises $291m in asset management listing

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Old Mutual has raised $291m gross proceeds less underwriting costs from its listing of its US asset management arm.

The group raised the $270.8m expected from the 13 million shares sold at $14.25, plus a further 6 million repurchased by Old Mutual Asset Management.

A further 1.95 million shares were sold via the underwriters’ option to purchase additional shares.

Old Mutual, which expects to use the proceeds for general corporate purposes, now owns 51.1 per cent of OMAM.

Old Mutual is currently undergoing a “managed separation”, which will see OMAM, as well as Old Mutual Wealth, Old Mutual Emerging Markets and Nedbank separated and two businesses listed on the London and Johannesburg stock exchanges.

It is expected to complete in 2018.