Financial services group Old Mutual says a plan to sell a part of its UK wealth business to institutional investors is taking shape, after being approved by shareholders. The share allocation forms part of what Old Mutual plc calls a managed separation process, which will become a reality in June when businesses that the company is spinning off come to the market in London and Johannesburg. The wealth business, Quilter, will have its primary listing in London and a secondary inward listing on the JSE. Quilter provides investment advice and investment platforms to about 900,000 customers. Institutional investors will be allocated 9.6% of the Quilter shares, at a price range yet to be determined. Existing Old Mutual plc shareholders will receive an additional 87% of Quilter shares, while the Quilter management and staff will get the remaining balance. Old Mutual Ltd, which houses the core emerging- market businesses, will also list on the JSE. The emerging market segment has under its...

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