Proposed initial public offering of USAM
Old Mutual plc
Ref 7/14
28 February 2014
Old Mutual plc Announces Proposed Initial Public Offering of its US Asset Management business
Old Mutual plc today announces that it intends to proceed with an initial public offering of a minority interest in its US Asset Management (USAM) business in 2014, subject to market conditions.
The purpose of the offering is to enhance USAM's financial and operating flexibility to deploy capital to continue to grow and develop further its multi-boutique asset management business. We expect that this offering will broaden USAM's access to capital to pursue future growth initiatives across its business, including collaborative investments in affiliate growth and further penetration of non-US markets through its global distribution platform, as well as strategic partnerships with high quality boutique asset management firms with complementary investment products.
Additional information will be included in the registration statement for the offering once publicly filed with the U.S. Securities and Exchange Commission.
This announcement is being made pursuant to and in accordance with Rule 135 under the U.S. Securities Act of 1933. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
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Notes to Editors
Old Mutual provides life assurance, asset management, banking and general insurance 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
This information is provided by RNS
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