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Old Mutual Wealth is to rebrand as Quilter when it floats in next year.
The company said on Wednesday ahead of an investor presentation that the Quilter name, which dates back to 1771, stands for “quality, personal service and dependability”. The name will be applied to both of the company’s main divisions – advice and wealth platforms.
The future of Old Mutual Wealth’s active asset management business – led by star fund manager Richard Buxton – is still under discussion, with several bidders interested in buying it. The company said on Wednesday that “internal and external structures” for the business were being assessed.
Old Mutual Wealth aims to float “as early as possible” in 2018. The IPO is part of the wider break up of Old Mutual plc into four chunks.
Paul Feeney, chief executive, said:
Our recently reported Q3 year-to-date flows demonstrate continued strong demand for our investment solutions and services. However, having individually strong businesses is not enough by itself to drive success. We are focused on ensuring the businesses work together to build better solutions and drive integrated flows.
We very much look forward to listing in 2018 as Quilter. We believe that we have a compelling investment opportunity as we continue to deliver strong and sustainable returns for shareholders in our own right as a fast-growing, independent and publicly listed company.