Old Mutual has raised $291m gross proceeds less underwriting costs from its listing of its US asset management arm. The group raised the $270.8m expected from the 13 million shares sold at $14.25, plus a further six million repurchased by Old Mutual Asset Management. A further 1.95 million shares were sold via the underwriters’ option to purchase additional shares. Old Mutual, which expects to use the proceeds for general corporate purposes, now owns 51.1 per cent of OMAM. Old Mutual is currently undergoing a “managed separation”, which will see OMAM, as well as Old Mutual Wealth, Old Mutual Emerging Markets and Nedbank separated and two businesses listed on the London and Johannesburg stock exchanges. It is expected to complete in 2018.
The listing of Nedbank's US asset management arm, Nedbank Asset Management (OMAM) has netted the company $291m proceeds minus underwriting costs. Nedbank, which is in the process of separating from its other businesses OMAM, Nedbank Emerging Markets, Nedbank Wealth and Old Mutual, said it would use the funds raised for "general corporate purposes".