Old Mutual unit Quilter gains on trading debut

Wealth manager Quilter rose on its first day of trading in London and Johannesburg after being spun out of Old Mutual.

The break-up of 173-year-old Old Mutual will be largely complete this week as the London-based insurer hives off its businesses after determining that they would be worth more on their own. The initial public offering on Monday of Quilter – which has an office in Dublin – will be followed on Tuesday by the listing of Old Mutual Ltd, which will house the company's African insurance and asset-management units, and culminate with the unbundling of Nedbank Group Ltd in about six months.

"We're very excited about what we can achieve as an independently listed business," finance director Mark Satchel said in Johannesburg on Monday. "The UK market is a growing market."

With £112 billion in assets under management and a £3 billion market capitalization, Quilter’s debut vaults it past Rathbone Brothers.