It was the end of an era as London-listed Old Mutual reported annual results that are to be its last as Old Mutual plc before the group splits into two self-standing companies, which will be listed within the next few months. The group, which posted a better-than-expected 22% increase in adjusted operating profit to £2bn for the year to end-December, gave no timetable for the listings of its Johannesburg-based South African and emerging markets business, Old Mutual Ltd, and its London-based UK wealth business, Quilter. But Old Mutual confirmed that the businesses were ready for listing and that it was on track to deliver on its promise to materially complete its managed separation process by the end of 2018. It also disclosed that the Quilter listing would include a secondary offering of up to 9.6% of the UK group’s shares, which Old Mutual CEO Bruce Hemphill said would establish proper price discovery and expand the company’s share register. If you are already a subscriber, please ...
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