Old Mutual today revealed the new name of its wealth management arm it is planning to spin off next year.
Plans to spin off Old Mutual's wealth management arm have been in train for some time as part of a wider corporate shake-up. The firm said it remained on track to list Old Mutual Wealth, as Quilter plc, "as early as possible in 2018".
“We’ve made tremendous progress over the last five years in building this unique and successful business. We are well-positioned to build on what we have achieved in one of the world’s largest and growing wealth management markets," said Old Mutual chief executive Paul Feeney.
The rebranding exercise within Old Mutual Wealth and its subsidiaries will be phased in over two years. Advice and wealth management firm Intrinsic will change to Quilter Financial Planning. The firm's multi-asset business will become Quilter Investors.
Wealth platforms will be changed to Quilter Wealth Solutions and Old Mutual's Heritage Life business will become Quilter Life Assurance.
Feeney said: “Having two distinct but complementary segments will help us to continue to deliver good customer outcomes for new and existing customers.
“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.”