Completion of Quilter Cheviot acquisition

RNS Number : 8499F

Old Mutual PLC

25 February 2015

 



Old Mutual plc

Ref 107/15

25 February 2015

Old mutual Completes quilter cheviot acquisition

Old Mutual plc today announces it has completed the acquisition of the leading discretionary investment manager Quilter Cheviot.

At 31 December 2014, Quilter Cheviot had £16.7 billion (2013: £15.2 billion) of funds under management.

As part of the consideration for the acquisition, Old Mutual plc will issue an additional 19,325,430 restricted ordinary shares of 11 3/7p each to a trust established for the benefit of certain of the employee shareholders in Quilter Cheviot.  Applications have been made for these additional shares to be admitted to listing and trading on the London Stock Exchange and applications will be made for them to be listed on the JSE Limited and on the other exchanges on which Old Mutual plc's shares are listed.

Julian Roberts, Group Chief Executive of Old Mutual plc, said: "The acquisition of Quilter Cheviot is the final substantive part in our strategy of building the UK's leading retail investment business, and we are delighted that they are part of our Group. This acquisition will allow us to deliver a complete set of solutions which meet the wide-ranging needs of advisers and clients."

Enquiries

External communications

Patrick Bowes                           UK        [phone]

Investor relations

Dominic Lagan                           UK        [phone]

Sizwe Ndlovu                             SA        [phone]

Media

William Baldwin-Charles                          [phone]

                                                             [phone]

Notes to Editors

Old Mutual provides investment, savings, insurance and banking services to more than 16 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2013, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £294 billion of funds under management from core operations.

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 

 

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