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Shares in Old Mutual's former UK arm Quilter up 9% as it lists on the JSE

Jun 25 2018 13:11
Jan Cronje

Shares in Quilter, the wealth management firm previously known as Old Mutual Wealth Management, jumped 9% after listing on the London Stock Exchange and the JSE on Monday. 

At 11.35, Quilter shares were trading at R28.21. The offer price for investors in South Africa was R25.88 rand per share, Quilter said in a morning update to shareholders. 

The group has its primary listing on the LSE, and its secondary listing on the local bourse. Its JSE share code is QLT.

The listing of Quilter is part of Old Mutual's managed separation, which will see its the investment firm separating its four previous current constituents - Old Mutual Emerging Markets, the Nedbank Group, Old Mutual Wealth, and Old Mutual Asset Management – into stand-alone entities.

The separation, first announced in March 2016, is expected to be completed by the end of 2018. 

Old Mutual Emerging Markets will be headquartered in South Africa and incorporated into Old Mutual Limited, the group's local holding company.  

It is set to list on the JSE on Tuesday with the ticker code JSE:OMU. 

"Today is an important milestone in the history of our business and I am immensely proud of what we have achieved. We are delighted to be in a position to list as a stand-alone business and are excited by the opportunities ahead of us," Paul Feeney, Chief Executive Officer of Quilter, said in a statement. 

"We are making good progress towards our vision of becoming the UK's leading wealth management business. Our proven multi-channel business model is delivering value for our customers, advisers and shareholders. 

"Having established leading positions across one of the largest wealth management markets in the world, and it is a structural growth market, I believe we have great momentum to build on our success and a bright future ahead," he said. 

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quilter  |  old mutual  |  shares  |  jse
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