Old Mutual is planning to break up its £9bn business as private equity firms put forward a multi-billion pound bid for Old Mutual Wealth.
Sky News reports the FTSE 100 company proposes to break into four standalone companies: Old Mutual Wealth; a division comprising its stake in South African lender Nedbank; its South African-based emerging markets arm and its institutional asset management business.
Private equity firms Cinven, the majority shareholder in Partnership, and Warburg Pincus are believed to have tabled a joint cash offer for Old Mutual Wealth.
Old Mutual Wealth includes the network Intrinsic Financial Services, the asset management business Old Mutual Global Investors and discretionary manager Quilter Cheviot.
It is reported details of the break-up plan could be set out in Old Mutual’s annual results on Friday.
Old Mutual, Cinven and Warburg Pincus declined to comment.